Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Tuesday, June 13, 2017

Money Grubbers

Legislation to break up investment banks and reinstate the Glass-Steagall Act was once backed by Democratic Senators Elizabeth Warren.  The bill would have force banks to separate their traditional banking practices like saving and checking from very risky speculation practices and those investment banking practices historically associated with an economic meltdown. 

When Congress repealed the original Glass-Steagall Act in 1999, Senator Byron Dorgan argued: “The fusing together of the idea of banking, which requires not just safety and soundness to be successful but the perception of safety and soundness.  To merge it with inherently, risky, speculative activity is in my judgment unwise.  We are with this piece of legislation moving towards greater risk.  We are almost certainly moving towards substantial new concentration and mergers of the financial services industry.  That is almost certainly not in the interest of consumers.  I think we will in 10 years time look back and say we should not have done that.”

Actually the 2008 meltdown took only nine years.  In a 2016 speech, Senator Warren pointed out that in 2006, two years before the housing market collapsed and millions of Americans lost their homes, Donald Trump announced that he was hoping for a crash: "I sort of hope that happens because then people like me would go in and buy...”

She questioned: "What kind of a man roots for people to get thrown out of their houses?   What kind of a man roots for people to get thrown out of their jobs?  To root for people to lose their pensions?"

"I'll tell you exactly what kind of a man does that.  It is a man who cares about no one but himself.  A small, insecure, money-grubber who doesn't care who gets hurt, so long as he makes a profit off it."


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