Laws favoring the ultra-wealthy are nothing new in the United States. Lack of regulation and rampant speculation on Wall Street led to the market crash in 1929 and the subsequent “Great Depression.” The same could be said for the “Great Recession” in 2008. Unlike the Great Depression, where Congress put into place economic and regulatory protections to prevent such a calamity, our Congress has done almost nothing to prevent another Great Recession. And why has Congress done nothing? Ultra-wealthy special interests will not allow it, and Congress continues to pass laws favorable to the Wall Street crowd at the expense of 99% of Americans.
via Wall Street is ‘Easy Street’ for a Chosen Few.
The recent scandal involving the manipulation of the Libor interest rate is undermining the integrity of an already-damaged financial system, Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein said Wednesday.