Regulate Wall Street Now!
Why did Bernie Madoff succeed in the largest Ponzi (pyramid) scheme in world history?
Why did Enron and oil speculators get away with manipulating energy prices?
Why is our economy in depression due to AAA-rated gambling (known as credit derivative swaps)?
All because auditors and ratings agencies are paid by the very people they’re told to monitor.
Yes, the cops are paid by the Mafia, and we’re surprised they’re crooked?
When I worked in Congress, the Republicans did their best to lower the salary of lawyers at the Securities and Exchange Commission and the Internal Revenue Service and other watchdogs. This way, the SEC and the IRS couldn’t afford to hire the best, and criminals would remain more sophisticated then those that police them. Government service is always less well rewarded than private service and the Republicans wanted to make sure that the “best and brightest” went to Wall Street rather than the SEC. And now they’re shocked — shocked! — to find out that the low-paid cops didn’t monitor the sophisticated criminals very well and the high-paid private rent-a-cops (the ones paid by the criminals) didn’t monitor the criminals either.
There’s only one solution: tax Wall Street heavily and use the money to pay for the best, most sophisticated cops money can buy. If we have to nationalize Moody’s and Standard and Poors, so be it. After all, those companies won’t be worth anything anyway after investor lawsuits are done with them. Actually, it’s probably better to throw all the bums out and start anew.
Why should Republicans — or any American not on the take — hate an honest cop?
If we taxed investment banks just 1% more, it should be enough to pay for the finest cops on the beat. And, as we’ve learned the hard way, it would save Americans and investors worldwide trillions of dollars.
ALSO Obama’s first big mistake: asking Pastor “Gay Marriage is just like Pedophila” and “Abortion is just like the Holocaust” Rick Warren to give the invocation at the Inauguration.