Dick Durbin, US Senator, speaking about Congress, once said,
How could it be any more clear? Try this:
Monday, December 13th, 2010 — 3:25 pm
Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks.
“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks,” Bachus told The Birmingham News in an interview.
The Republican leadership last week designated Bachus the next chairman of the powerful House Financial Services Committee, which is tasked with overseeing banks, financial markets, housing and consumer credit.
Democrats characterized the remark as a Freudian slip, nicknaming the Alabaman “Big Bank Bachus” and claiming the new Republican-controlled House will put the interests of financial institutions ahead of the American public.
“Congressman Spencer ‘Big Bank’ Bachus has given Americans a startlingly honest answer about the House Republican agenda – do whatever is good for the big banks and Wall Street special interests, rather than what’s good for hardworking Americans,” said Jesse Ferguson, a spokesman for the Democratic Congressional Campaign Committee.
The congressman from Alabama’s 6th district has throughout his 18-year House career raised millions from financial interests, including over $1 million from commercial banks alone, according to the Center for Responsive Politics.
He has received over $800,000 from the real estate industry, $700,000 from securities and investment firms, and $415,000 from credit companies — all of which he will have extraordinary influence over as banking committee chair.
(Source: The Raw Story)
Meanwhile, Congressman Darrell Issa (R-CA) has sent out 150 letters to the oil industry, drug manufacturers, healthcare providers and telecom firms asking which government regulations they want repealed. (Source)
Paul B. Farrell, MarketWatch, writes:
Who’s really pulling the strings? The Goldman Conspiracy, the Wall Street Banksters, the guys getting rich taking huge risks again, pushing America ever closer to a new meltdown, bigger than 2000 and 2008 combined. This Conspiracy has absolute power; It runs America. Democracy is dead. Capitalism is dead. Think otherwise? You’re self-delusional. (Source)
Willem Buiter, London School of Economics prof and former Bank of England and European Bank for Reconstruction and Development official has been saying for some time that the Fed suffers from “cognitive regulatory capture” and has been far too responsive to the needs of Wall Street:
“The Fed listens to Wall Street and believes what it hears,” Buiter said yesterday in a paper presented to the Fed’s conference in Jackson Hole, Wyoming. “This distortion into a partial and often highly distorted perception of reality is unhealthy and dangerous.” (Source)
Simon Johnson, former IMF chief economist, co-author of “13 Bankers,” warns in his article in Atlantic, “The Quiet Coup”:
The “financial industry has effectively captured our government.” (Source)
Why would anyone announce, arrogantly and proudly, “We serve the banks“:
The need to dance for the cameras in damning self exposure, is irresistible to the arrogant and megalomaniac desire to be seen, as the preening architects of the destruction of civilization. (Source)
. . . and this:
What an astounding feat to train a nation’s journalist class to despise above all else those who shine a light on what the most powerful factions do in the dark and who expose their corruption and deceit, and to have journalists — of all people — lead the way in calling for the head of anyone who exposes the secrets of the powerful. Most ruling classes — from all eras and all cultures — could only fantasize about having a journalist class that thinks that way
- Rep. Spencer Bachus Believes Government Is There To Serve The Banks (pinkbananaworld.com)
“Incoming Financial Services Chairman: Washingtonâ€™s Role Is â€˜To Serve The Banksâ€™” and related posts (wonkroom.thinkprogress.org)
- Bachus lets the truth slip out (dailykos.com)
- How Republican Politicians Don’t Represent Republican Voters (alan.com)
- ‘To Serve Banks’: GOP feeds us to the Wall Street aliens (crooksandliars.com)
- REGULATORY CAPTURE (en.wikipedia.org)
- How AT&T, Verizon and the Telecom Giants Have Captured the Regulator Supposed to Control Them