Sunday, May 30, 2010

Not too slick to slip...

In today's Sunday New York Times, writer Michael Lewis paints a picture as to how and why it is so difficult to change the toxic relations between Wall Street, Main Street, and the Beltway -- the latter of which is at least partially designed to keep both of the others busily "pursuing happiness" while not destroying one another outright via outrageous income discrepancy, rabid revolution, or a raft of other nasty possibilities.


Wall Street has immense control over the other two 'streets' because it pays for Beltway political campaigns; offers jobs to ex- and future Beltway inhabitants; invests the money that Main Street, et al, gives to it; and has been a more formidable force than either other 'street' since well before the Hamiltonian days of the early American republic. The formation of the (not-at-all-federal) Federal Reserve in 1913; the final removal of the gold standard re US currency in 1975; and a slew of pro-banking regulations that exist to the current day have all furthered a climate in which head bankers smugly believe those same heads will never roll.

I believe otherwise; and though I don't think the guillotine necessary, an avant-garde revamping of societal structuring will do just fine...

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