Today I read a blog by Robert L. Borosage titled “It’s Official: Too Big to Fail Banks Are Too Big to jail.” To summarize the blog in a nutshell one only needs to read the title. Wall Street and its bankers are too “vital” to our economy. Attorney General Eric Holder stated that we cannot afford to prosecute those responsible for the economic collapse in 2008. Basically giving these Wall Street bankers a pass to do as they please.
Not only did our tax dollars go to bailing out these banks but our tax dollars are also paying the federal government to turn a blind eye to the actions by the banking system. To add to that some of these corporate CEOs and CFOs are still receiving million dollar bonuses. While millions of Americans are either unemployed or have given up looking for work.
How has it come to this point in our nation that the government we entrust allow for the rules and regulation of the banking system be ignored. Yes there have been fines handed to some of these banks but wants is a fine really going to do. It isn’t going to deter them from breaking the law. A perfect example can be with parking tickets. Even though we know that we are not allowed to park in certain designated areas we do it any way. Because we will accept a ticket for only $48. So a fine for these major banking institutions amounts to just that. The banking sector of this country have posted record profits so a fine is just a dent in their pockets.
Ever since the decision was made by the Supreme Court in the famous Citizens United v.s The Free Election Commission, corporations including the banking sector can donate to political campaigns. Their argument was the First Amendment, freedom of speech. So those who we elect into office to serve our nation are in no way executing their duty. Even President Obama who won reelection is bought for by Wall Street. When it was proposed that the government begin in breaking up the banks the president stated he was against such a move.
So who is Washington truly serving? We give banks this pass to do as they please however, banks are quick to kick a family out of their house if they are late on their mortgage. The economic collapse put those very same families ou of work. If we allow Washington to be cuddle and paid for then what will happen to our Democracy? Will our voices and concerns be the mission for political leaders or will they serve the interest of the very fortunate.
As I read about Washington day by day I just see a government that is truly slipping away from its core value and that is to serve the American Public. If they are going to ride the excuse that they are to “vital” to our economy then I lost more hope than I already lost for my country.
Oh I forgot to add that some banks such as the HSBC and others have laundered money for Iran, the Cartel, and even played games with interest rates for profit. Did anyone working for these institutions get prosecuted. The answer is no. So again how far is the government willing to let them go? If banks were funding a country who we see as a threat and not even prosecute anyone who took part in the laundering is a smack to the face to the public.