“I’m worried a lot about power in the financial services industry and I’m worried about the fact that basically, starting in the ’80s, you know, the cops were taken off the beat in financial services. These guys were allowed to just paint a bull’s-eye on the backside of American families,” Warren said. “They loaded up on risk. They crushed the economy. They got bailed out. What bothers me now, they still strut around Washington, they block regulations that they don’t want, they roll over agencies whenever they can.” SOURCE: Elizabeth Warren Sidesteps Clinton Question, Says Wall Fat Cats ‘Strut Around Washington’.
I am not a U.S. Senator but I too worry about all the power in the financial services industry and how they seem to be in almost total control of our nation’s wealth. With the help of their many Republican friends they seem so easily to knock back any attempt at regulating their behavior.
It was widely acknowledged in 2008 that outright greed was driving that sector and it almost took the country down with them. But as Mrs. Warren’s quote above says it bothers me even more that only five years later they are back to strutting around Washington and are back to their totally absurd year-end bonuses. They say the average 2013 Wall Street bonus was about $1.2 million!
These guys mock those of us who worked hard for thirty or more years to get what they make in one. Capitalism by its very nature is one of gaming the system. If you are very good at it you will make tons of money. Capitalism is all about money and our incessant drive for it whereas Democracy is about one person, one vote that is supposed to level all playing fields. Democracy is where the true power in our society should and must eventually reside. If only we could convince that 50% plus who don’t even bother to vote that they can change things if only they take the time to put their opinions in the ballot box.
In a true democracy the Wall Street broker is no more powerful than the kid working at McDonald. It is much easier to change things in this country than most believe. If you don’t like having to work for a wage that can’t even provide the basic necessities for your family, you can change that with your vote. The primary elections in my State are next Tuesday and I can fairly safely predict that less than one in four potential voters will even show up at the polls. How sad is that?? If only people realized the power that they hold.
Thanks Elizabeth for helping me to remember that…..