Change Wall Street Can Believe In

Noviembre 10, 2009

Original publication: Athens Banner-Herald

Date of publication: November 8, 2009

"Wall Street is...[t]aking control with borrowed money, stripping assets, slashing jobs and cashing out.

Taxpayer bailouts saved Wall Street from choking on its own greed. Now, as the Wall Street Journal reports, 'Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year...' [which is] more than the combined budgets of the U.S. Departments of Commerce, Education, Energy, Housing and Urban Development, the National Science Foundation and the Environmental Protection Agency. [...]

The government heavily subsidizes the megabanks, but it's the small banks that provide higher savings interest, lower fees, lower loan and credit card rates, and do much of the lending to small business, who in turn create most new jobs.

Behind their Main Street rhetoric, Congress and the Obama administration have so far been the change Wall Street can believe in. The administration and Federal Reserve are loaded with revolving door Wall Streeters and their proteges. Campaign donors and lobbyists are working Congress to minimize and distort reform."

Read the full article in the Athens Banner-Herald online.