Tuesday, May 28, 2013


New York Times admits bank lobbyists write laws for banks
Last Resistance – Mark Horne – 5/25/2013
“The lobbying campaign shows how, three years after Congress passed the most comprehensive overhaul of regulation since the Depression, Wall Street is finding Washington a friendlier place.”

Not exactly. The lobbying campaign shows that the supposedly “comprehensive overhaul” of regulation was never very meaningful. The banks knew full well that this was just a ruse to get people to relax so they could operate in the same fashion as before.

People who want to believe that government can control banking are fooling themselves that banking and government are actually two different entities. That is simply not true. With its Federal Reserve the government and the banking system are practically the same institution. The Federal Reserve, after all, was formed by the very people who the public were told the Federal Reserve was going to control and regulate.

“Industry officials acknowledged that they played a role in drafting the legislation, but argued that the practice was common in Washington. Some of the changes, they say, have gained wide support, including from Ben S. Bernanke, the Federal Reserve chairman.”

Notice the admission that lobbyists write law all the time, as if that is supposed to be comforting to the American people! And then they say that even Ben Bernanke supports the lobbyists’ ideas as if Bernanke is anything other than another lobbyist for the banking industry.

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