Monday, August 03, 2009

Wall Street continues the fleecing of America

The UKs Financial Times exposes a dirty little secret that is a direct result of the failed economic policies of Bush / Obama.

Wall Street banks are reaping outsized profits by trading with the Federal Reserve...

“You can make big money trading with the government,” said an executive at one leading investment management firm. “The government is a huge buyer and seller and Wall Street has all the pricing power.”

But this shouldn't be news for anyone who - as Paul Krugman wrote in a column on a related topic - is "paying attention."

Wall Street is bilking America for all our worth - on their trading activity and on their bonuses. But they're not doing it illegally. They're doing it legally! Because it's the fools in Washington who drank the kool-aid served them by Hank Paulson (R-Goldman), Robert Rubin (D-Goldman) and Tim Geithner (Chief of Staff - Goldman).

Are there any members of the leadership in Washington who are willing to fight the fleecing of America?

Tim White

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