We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Tuesday, November 11, 2014

New Plan to End Too Big to Fail Banks Previously Failed Spectacularly

Click here to access article by Pam Martens from Wall Street on Parade.

The Martens run this website and they appear to be very qualified to critique the financial establishment. Unfortunately, they are rather naive in their belief that the financial core of our ruling One Percent class will seriously ever regulate themselves. They did enact some limited reforms during the Great Depression, but they were forced to because of a very militant and angry working class. Nowadays, because they are in control of much more wealth and power, they always like to appear to be regulating themselves. That is where the Martens step in to attack these pretenses as they do in this article.
These Wall Street mega banks are now holding hostage our nation, its economy, and the living standard of the next generation who will be left to deal with the mountains of debt taken on to deal with the financial collapse and its overhang. When six years of near zero interest rates can’t revive an economy to normal job creation and economic growth, it’s time to call our monetary policy what it is: a political masquerade to artificially prop up a failed, global banking business model.