TIME TO PULL A BANK JOB ON THE BANKERS

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Elizabeth Warren does not have Hillary Clinton’s back. Most likely she never did. Actually, when the 2016 Presidential election season plays out with Warren winning the Democrat primary, the question arises; will Clinton have Warren’s back? Interestingly enough Clinton had the back of Barack Hussein Obama. But this time Clinton will not be interested in playing Second Fiddle.  The reality will expose the Democrat cleavage.

Warren’s populous ultra left wing vs the pragmatic Clinton friendly to bankers and Wall Street wing which has as its primary motive to win elections; afterword laying down the law – for instance Dodd-Frank written with the help of banker’s lawyers. Warren will be in your face from the get go. But she does have some good talking points. For instance, the “bankers must pay for their wicked ways.”

Warren makes a valid point. Just six years ago the banks were headed for extinction. The cause “GREED”. The banking implosion was due to greed. Gordon Gekko said that greed was good; it became a pervasive philosophy among the bankers. And recent news reveals that JP Morgan Chase  acted accordingly; for Bankers play by a different set of rules. Thousands of bankers benefited from the collapse and very few have spent time behind bars woofing down three squares a day. However, they have spent much time devouring their favorite elixir in some of their favorite bars and bistros, all on our money.

The banking system is unlike most if not all private companies. The government has their back. The Federal Reserve is an incestuous institution, private and public at the same time; it provides liquidity in time of panics. That is where the major problem lies. Banks that took on too much risk, in the case of banks too big to fail, are bailed out. Hence they are rewarded for risk taking. That is wrong, they should be allowed to fail, pay the penalty and forgo their previous incentive payments and salaries.

Another prime example is the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), both GSO’s that operated with impunity while the top dogs bilked the companies fleeced the treasury and stockholders for all they had. Failed institutions do die, but their executives always pop up somewhere else. How about that Jon Corzine, ex gov of NJ, once the head honcho at MF Global allegedly participated in the sinister move of looting customer funds.

So coming into the 2016 debate the Republicans will have to alter their traditional message. “Greed by Bankers” is not good expecially when the government has their back. Middle America is not too pleased with not rogue bankers on the loose but ordinary bankers who rob banks from the inside, never spend much time in Club Fed, but live the life of Riley when their nickel ends.

Perhaps the Statue of Limitations has ended in many cases, but government claw back of the perpetrator’s loot is still an option. Drug dealers assets are seized why not bankers?
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66 thoughts on “TIME TO PULL A BANK JOB ON THE BANKERS”

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