Game's Over Kids

It’s easier for us to blame this health bill for the ruination of our country, than it is to blame the economic meltdown and ruination on the bankers, who along with their political puppeteers have for decades been changing the rules to favor themselves with less transparency and bigger bonuses through shadier dealings.

Because our politicians enacted banking deregulation during the seventies, we had the Savings and Loan bailouts in the eighties. The rules were changed so depositor banks were allowed to invest in anything, and they did. Bankers used the savings and loans banks as their own personal piggy banks. This deregulated greed led to more banks failing, and when they failed, they were bought up by bigger banks leading to further bank consolidation.

The Glass Steagall Act kept Commercial (deposit accounts) and investment banks (risk takers) separate. In the nineties when it was repealed, Investment banks (now merged with commercial banks) bought all kinds of financial institutions; including insurance companies and non bank mortgage lending companies.

Then these mega-banks used our deposits as collateral to over borrow and risked it all on sub prime junk bonds. Then when no one wanted to buy these sub prime junk bonds, the bottom fell out, and in steps the tax payer with trillions.

Reinstating the Glass Steagal Act would keep banks on a smaller level and unable to negatively control our economy. It would prevent banks from engineering gargantuan profits for themselves while bringing financial ruin to so many Americans.

This should be a top priority of the Administration, but unfortunately the way things look, this is unlikely to happen. Frank Lutz, a Republican pollster advised Republicans to associate the health reform legislation with bail outs. With this sneaky twisting of issues and political adherence to his advice, how can citizens even begin to understand what’s at stake here?

As Mayer Rothschild founder House of Rothschild said “Let me issue and control a nation’s money, and I care not who writes the laws“. It doesn’t matter what new financial laws they write, the banks are in control of our money and our government.

Elizabeth Warren currently in charge of TARP oversight, said, “either we get this financial regulation right, or it’s game over.” The bankers along with their lobbyists will see to it that we get this financial regulation “wrong”, but it won’t be “game over” for them, only for us.