In a matter of minutes the Dow plunged 1,000 points triggering panic across the country of a repeat of 2008. The powers that be, however, are telling CNBC that one person at a major firm “hit a wrong button” and triggered a “trading error” that falsely reflected in the market’s drop. Yeah, right!
To be fair to CNBC, they are doubting that “one person” could be responsible for hitting a button worth $15 billion.
What is more likely is that the economic crisis and deadly riots in Greece panicked investors and Wall Street is just trying to calm nerves to try to support what may be an already failing system.
The Greek government , like the U. S. government, is overwhelmed with debt and fell into a similar crisis as we did in ’08. In addition, Greece’s government is corrupt: it legislators favor big bankers and have allowed the same type of casino-style gambling with their people’s money as caused the crisis over here.
Portugal, Spain, and Italy are in trouble too and it’s only a matter of time before they collapse like Greece. It may also be inevitable that the entire Euro system will go down, followed by trouble over here in the U.S. because we are all connected to each other via these big banks who are still gambling.
MSNBC”s Dylan Ratigan called this mess caused by the big banks a “contagion” and said that it’s very likely that this is the beginning of a “domino effect” of one country after another collapsing.
No matter how Wall Street tries to spin what happened today to soothe everyone back into just going along with the system and the big banks, no one is believing them anymore. We all know what happened a couple of years ago: how teachers and other hard working individuals lost their retirement monies; innocent people lost their homes and their jobs. We are all now too smart to be lolled back into a false belief that everything is okay because we know it’s not.
We need to demand from our legislators that they enact financial and banking reform and that doesn’t mean the watered down legislation they’re passing off as reform now. If there’s any chance at all of stopping the dominoes before they hit the U.S., our lawmakers must have courage to put their partisan and special interest aside and enact reform that has real teeth!
What that means is that real reform must tell these big international bankers that there will be no bail outs: these bankers, like the rest of us, will have to be responsible and if they fail, like the rest of us, will have to learn from their mistakes and not just take a hand out at our expense. The riots in Greece today were caused because the Greek government passed legislation that taxes the Greek people to pay for the bankers’ failures.
Real reform will also mean auditing the Federal Reserve system. This organization does everything in secret and gets away with it. We need to know what they do with our money and prohibit them from acting behind closed doors.
Reform should also include measures to finally regulate these mega-institutions. Currently the major banks can also be investment brokers as well as bankers of our monies. We need to tell them that they have a choice of one or the other but not both.
No matter which side of the political fence you’re on, your money is what you work hard for and no big international banking institution has the right to play high-stake games with your money. We need to let our lawmakers know that they work for us, not the bankers. They need to put aside these special interests and come together, putting party and partisanship aside, and get to work on banking reform now before this “contagion” hits our shores!