Saturday, November 21, 2009

Class Warfare?

Some who represent the bankers are repeating what has been said before, "This is class warfare on bankers." They may not actually know what that is. If they were a banker when Andrew Jackson was President, they would know what it is for real. Jackson succeeded in persuading the Congress to go along with him and removed all the money of the Federal government from the The Bank of the United States and distributed it to various banks in various states. Their charter was allowed to expire and they dried up like a squash who's vine had been cut.

If one could define predatory lending policies as class warfare one could say that the reverse is true about who is waging the war. If one could could define taking billions from taxpayers as salvation from total ruin during the "great recession", then recording record profits and paying CEOs obscene bonuses as waging war on the peoples treasure, one could say that a war of piracy is going on waged by the bankers. Is that class warfare?

The thing which got this mess going is the same thing which occurred with the savings and loan scandal of the 1980s. Banks making fraudulent real estate loans and no one charging them with a crime. The current sub-prime banking scandal presents the same MO, no one yet charged with a crime...unless one said that the taxpayer was to speak.

Yet we still have those who say that the key to success in business and government is deregulation, privatization, and the principles of free "lassez faire". Hands off! Turn em' loose! Let the banks and the government practice self regulation. The people need not be involved...their too stupid. Yea, so stupid that we keep getting ripped off!

No comments: