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” Buy celebrex online: pelosi, speaking to the Commonwealth Club of California, said she wants the panel to be modeled after the Pecora Commission, a bipartisan investigative body established by the U.S.Senate in 1932 to examine the causes and abuses of the Wall Street crash of 1929 and to prevent a repeat; buy celebrex online….
“Seventy five percent of the American people, at least, want an investigation of what happened on Wall Street,” the speaker said to applause.
“We’re going to have a commission …even if it is only in the Buy celebrex online: house of Representatives,” Pelosi pledged, saying it would allow Americans “to have a clearer understanding of how we got here – and the risk that’s been taken by the taxpayers in all this.”
“That’s what we would do with this commission, is to make sure it does not happen again.” she said.
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- Pelosi calls for panel to probe Wall Street
- Carla Marinucci
- San Francisco Chronicle
- April 16, 2009
If Nancy follows through and has a serious bipartisan fact-finding commission with subpoena power to thoroughly investigate Wall Street then this could be a huge breakthrough. If it turns out to be a whitewash of the facts that just slaps a few firms on the wrist then it would be better to have no investigation at all.
Several Senators have already suggested the same thing and been summarily shot down by the powers that be. I can hear the lobbyists whispering in the Members ears “Now is not the time to probe the banks. It will stall their return to health which will keep the economy weak and threaten your chances in the mid-term elections.”
***UPDATE***
“Wall Street may be heading for the deepest investigation of its practices since a congressional panel’s probe of abuses following the 1929 stock market crash.
House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc.and the collapse of Bear Stearns Cos; buy celebrex online.and Merrill Lynch & Co.She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933 buy celebrex online, according to her spokesman, Nadeam Elshami.”
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- Pelosi Wall Street Probe Modeled on Pecora After Market Crash
- Mark Pittman and Laura Litvan
- Bloomberg
- April 21, 2009
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“That March 23 gathering, the details of which have gone largely unreported until now, was just a minor flare-up in a larger battle for the future-one that may already be lost.With the financial markets seeming to stabilize in recent weeks, major Wall Street players are digging in against fundamental changes – celebrex.And while it clearly wants to install serious supervision celebrex, the Obama administration-along with other key authorities like the New York Fed-appears willing to stand back while Wall Street resurrects much of the ultracomplex global trading system that helped lead to the worst financial collapse since the Depression.
At issue is whether trading in credit default swaps and other derivatives-and the giant, too-big-to-fail firms that traded them-will be allowed to dominate the financial landscape again once the crisis passes.As things look now celebrex, that is likely to happen.And the firms may soon be recapitalized and have a lot more sway in Washington-all of it courtesy of their supporters in the Obama administration – celebrex.With its Public-Private Investment Program set to bid up and buy toxic assets, the administration is handing these companies another giant federal subsidy.But this time the money will come through the back door, bypassing Congress, mainly via FDIC loans; celebrex.No one is quite sure how the program will work yet, but it’s very likely going to make a lot of the same Wall Street houses much richer at taxpayer expense.Meanwhile, the big banks that still need help will almost certainly get another large infusion once the stress tests are completed by the end of the month.” Click for ARTICLE
- Wall Street Digs In
- Michael Hirsch
- Newsweek
- April 10, 2009
Wall Street refuses to mend its ways even though it has taken trillions in taxpayer money. What they have just learned through this financial crisis is that they can effectively exercise near total control over elected officials in Washington. They wield this power in two ways:
(1) They hold the American people hostage financially (the stick) by threatening to destroy the economy if their demands for bailout money are not met.
(2) Since all money is fungible they use the bailout money to increase their campaign contributions (the carrot) which goes a long way to smoothing the ruffled feathers of politicians. Financial services firms are already the largest givers of campaign cash and they are only increasing their “investment” in politicians during this financial crisis.
For Further Reading:
Business Groups Eye Fight On Regulation Of OTC Trading :: Bill Swindell :: Congress Daily :: April 8, 2009; celebrex
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“For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that “The Best Way to Rob a Bank Is to Own One.” In fact, the man you’re about to meet wrote a book with just that title – celebrex generic.It was based upon his experience as a tough regulator during one of the darkest chapters in our financial history: the savings and loan scandal in the late 1980s.” Click for VIDEO & TRANSCRIPT
- Interview with William K; celebrex generic.Black
- Bill Moyers Journal
- PBS
- April 3, 2009
Thirty minute video that will leave you shaking your head in disgust at the massive fraud being foisted on the American people.
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“But there’s a deeper and more disturbing similarity: elite business interests-financiers, in the case of the U.S.-played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse; cheapest celebrex.More alarming cheapest celebrex, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. Cheapest celebrex: the government seems helpless, or unwilling, to act against them.” Click for ARTICLE
- The Quiet Coup
- Simon Johnson
- The Atlantic
- May 2009
The United States today looks no different than any of the emerging markets looked in the late 1990s. Wall Street lobbyists are pulling the strings of our elected officials (that they have “bought and paid for” with campaign contributions) in order to engineer the most massive wealth transfer in history. Wall Street titans (who made huge bets with borrowed money and lost their shirts) are now making the prikhvatizatsiya (Great Grab) by Russian Oligarchs look mild by comparison. Trillions of dollars have flowed out of the Federal government and into Wall Street’s coffers. The vast majority of these programs have been established without Congressional approval and with little oversight whatsoever. The massive scale of this wealth transfer (begun under Bush and perpetuated under Obama) is so staggering and brazen that it defies comprehension. Even more incomprehensible is the fact that most Americans continue to sleepwalk through life while the United States becomes one giant Banana Republic right under their noses.
The Quiet Coup is a must read and perhaps the best synopsis of the financial crisis as a whole. It is long but this is a complex topic and therefore I recommend it to everyone.
For Further Reading:
Is Amercia the New Russia? :: Martin Wolf :: Financial Times :: April 14, 2009
Making Banking Boring :: Paul Krugman :: NYT Opinion :: April 9, 2009
Obama’s Ersatz Capitalism :: Joseph Stiglitz :: NYT Opinion :: March 31, 2009