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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