Saturday, January 9, 2010

Bye bye Christopher Dodd

Connecticut Senator Christopher Dodd said Friday  he would not seek reelection. Dodd said if he ran again in 2010, the race would be, as he put it, a messy one.  And he said he did not want to put the people of Connecticut through something like that.   It is good that  Dodd is  stepping down.  He was instrumental in assisting AIG and the other bailouts.  All of those who helped should be defeated.
Major banks and corporations looted the economy creating an international meltdown.  Now, they have been rewarded with bail out money.  The crisis was not caused by students, teachers, public employees  nor recipients of social security.   Now we have cuts in parks,  in universities, in nurses, libraries.  School children did not create this crisis.  Foster care children did not create this crisis.

The major bankers, finance capitalists in the U.S. robbed the bank last year  – and the federal treasury.  They took hundreds of billions of dollars – and you and I will have to pay for it.    Goldman Sachs alone took $10 Billion.  For example,  Ken Lewis of Bank of America received an 81 million dollar pension.  They have not even been punished.  One thing we should do is arrest the top 100 executives and CEO’s of these companies, give them a fair trial, and throw them in jail.  Until we arrest some people – there will be no real changes.”
Our financial system as a whole crashed not because of one bank. Goldman Sachs certainly played a major role as did JP Morgan Chase, Morgan Stanley, and CitiCorp, along with the many corporate finance institutions  like Bear Sterns, Merrill Lynch, Lehman Brothers, WaMu, Depfa.  We had a systemic breakdown because nearly all of our policy makers, academics, politicians, and pundits promoted  a failed, self serving  ideology of self-correcting financial markets.
(Including specifically the economics profession ) Finance  profiteers walked off with big bucks while contributing to the  crash  of the system. The looting continues to this day.

So, the financiers robbed the banks and created the Great Recession.  – and the government allowed them to do so.  Government policy, including the work of Geithner, Summers, and both the Bush and  the Obama Administration, regularly placed the interests of Wall Street ahead of the interests of working people.  Our economy was looted –we  lost $11 Trillion.   Now, working people are losing their homes.  Over 10,000,000 jobs have been lost.  Over 15 million people are unemployed.
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