Wall Street Rip-Offs
I’ve just finished the book The Hellhound Of Wall Street, what an awesome book ! The similarities between 1929, and 2007 are remarkable. What I really find amazing is the fact that no one has gone to jail, since we have Sarbanes-Oxley. In 1929 the bankers were still getting their bonuses, just like today. Why does America continue to allow these bankers to steal from us ? Not only did Bill Clinton set the stage for this recession, he signed away regulations(Glass Steagall) that could have prevented this recession. So here again we have union USA adding to the over all destruction of America, and union jobs. The Clintons should be hiding their heads. New York people are a bunch of rocks for electing Hillary Clinton. Isn’t it ironic a democrat causing this much damage to union labor. Back to the book, attorney Pecora painted a picture of the stock market as a “glorified gambling casino where the odds were heavily weighted against the eager outsiders. They were the victims of a determined, organized group of market wise operators, armed with special information, and special facilities, and backed generously with bankers credits”. Sounds kind of like today with firms doing these high speed transactions focusing on pennies of gains per trade. Lets not forget the change of the (NYSE) New York Stock Exchange going from non-profit, to for profit. I personally do not believe this benefits the small guy at all. I especially like what Father James Cox said after an audience with president Hoover, ” the U.S. had a government of the bankers, for the bankers, and by the bankers”. Today is no different, I believe the only penalty is going to be a few hundred million dollar fine. And the banks will pay, not the people that caused the recession, and no jail time, wow ! This just cost our country billions of dollars, and jobs we will not see again for a long time. Yes I really want to know why Goldman Sachs people are not going to jail for selling questionable mortgage derivatives ? Lastly why has no one else made the observation between the similarities between the crash of 1929 and todays recession ? I have not read any news papers comparing the two !





