by Pam Martens and Russ Martens, Wall Street on Parade:
There is now a movement in Congress to strip the Federal Reserve Bank of New York of its regulatory oversight of the biggest Wall Street banks. The movement has roots among both Democrats and Republicans who are fed up with the continuing unbridled abuses of the public trust by the unruly hooligans on Wall Street and their timid regulator, the New York Fed.
The push for change is critically important for a number of reasons. Major among them is the perception that New York and its politicians are more concerned about what’s in the best interests of New York residents and less about what’s best for the country as a whole. Two trillion dollar too-big-to-fail banks may pose a systemic risk for the nation but they’re a handy source of quick, mega loans for the hedge funds and real estate interests in New York, whose employees’ free-spending ways are a boon to the pricey restaurants and upscale stores that dot the Manhattan landscape.
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