I see the world more from a top to bottom view than left to right. It is not that left and right don’t matter, it is their actions on the top to bottom issue I focus on the most. The bottom would be “We the People”. The top is the financial elite.
What I have finally woken up to in America is not just a long running trend toward centralization of power and wealth, but that there has been a concerted long-running effort to make this happen. It’s eroding democracy as they succeed.
I think the American experiment works best when we are more decentralized in power and wealth. I think decentralization and checks & balances was the primary basis for the construction of the constitution. It is this construct that we have to protect first.
This meeting described by the Martens gives hope that the bottom has a chance after many years. The hope is the new administration is going to take on the crony, self-dealing wall street regime and the monopoly economy. It will be the largest battle for power and equality in our lives and I am not sure they will win.
But there is hope.
I think it is important to note that only one Federal Reserve Governor today is a Democrat. If people equal policy, the policy has been more Republican. But the Democrats have gone along with little push back. We’ve woken up the last four years to a lot of underlying issues in America. This one may be the most important, but the awakening has not occurred yet.
Excerpts from Pam Martens and Russ Martens: November 11, 2020, Wall Street on Parade article:
Senator Sherrod Brown set the tone for the hearing with his opening remarks, telling the panel of Trump era federal banking regulators the following:
“And we can reorient our economy from wealth to work. To do all of that, we have to take on Wall Street power.
Later in his remarks, Brown said this:
“We have to break up the biggest banks, and give that power to everyone else who has been denied a voice in our economy…
When it came time to question the various federal regulators, Brown told the group that they could have done so much to improve the lives of average Americans but had, instead, “finalized the Wall Street wish list.”
Brown then critiqued the failings of each of the regulators, giving the harshest tongue-lashing to Brian Brooks, the Acting Comptroller of the Office of the Comptroller of the Currency (OCC). Brown told Brooks the following:
“One West, the bank that you and [Treasury] Secretary Mnuchin and Joseph Otting [former head of the OCC in the Trump administration] worked at, was known as a foreclosure machine. It makes no sense that the outgoing President handed the wheels of the economy to so many people who had a hand in crashing it in 2008.
“Even though you’re running the OCC without the approval of the Senate, you’ve made sweeping changes to regulation to benefit the same corporations you used to lobby for.
Senator Jon Tester of Montana got into a heated debate with Randal Quarles, the Vice Chairman for Supervision at the Federal Reserve.
“We had 125,000 infections a day, which is an incredible number. Experts are saying it will be 200,000 a day by the end of this month. Hospitals are full. They’re full all over the place. I had a doctor tell me three weeks ago that January, February and March may be the toughest months this nation has ever endured, which is a hell of a statement. So, tell me if you really meant that, that there isn’t a need for any additional stimulus, or what exactly did you say?”
[Elizabeth] Warren chastised Quarles for “allowing the big banks to continue to shovel billions of dollars out the door in dividends. Money that could be used to survive an historic downturn. You could stop this outflow of money right now.”
Warren told Quarles: “Your job is to protect the American people, not the bank investors. And, I don’t believe you’re doing your job.”
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