The Phaserl


Here’s Why Americans Are Mad as Hell at Wall Street and Washington

by Pam Martens and Russ Martens, Wall Street On Parade:

Yesterday we published our 1,007th article here at Wall Street On Parade on the insidiously corrupt financial system in the United States known as Wall Street. It’s a system that now operates as an institutionalized wealth transfer mechanism that is hollowing out the middle class, leaving one of every five children in our nation living in poverty, while funneling the plunder to the top one-tenth of one percent.

Tens of millions of Americans clearly understand that an entrenched system of corruption such as this, perpetuated through a revolving door between Wall Street and Washington, while enshrined by a political campaign finance system that recycles a portion of the plunder to ensure greater plunders, will inevitably leave the nation’s economy in tatters — again. That’s because systemic corruption and legalized bribery within the financial arteries of the nation can only create grossly perverse economic outcomes.

The actual role of Wall Street is to fairly and efficiently allocate capital to maximize positive economic outcomes for the nation. Under the current model, Wall Street is focused solely on maximizing profits in any manner possible, including fraud and collusion, to maximize personal enrichment. When Senator Bernie Sanders said during his campaign stops and a presidential debate that “the business model of Wall Street is fraud,” there was a long, substantive archive of facts to back up that assertion.

Consider the intensely corrupt Wall Street analyst research practices that led to the Nasdaq crash at the turn of this century. Writing in the New York Times on March 15, 2001, Ron Chernow said it best: “Let us be clear about the magnitude of the Nasdaq collapse. The tumble has been so steep and so bloody — close to $4 trillion in market value erased in one year — that it amounts to nearly four times the carnage recorded in the October 1987 crash.” Chernow compared the Nasdaq stock market, filled with companies boosted by intentionally corrupt Wall Street research, to a “lunatic control tower that directed most incoming planes to a bustling, congested airport known as the New Economy while another, depressed airport, the Old Economy, stagnated with empty runways. The market functioned as a vast, erratic mechanism for misallocating capital across America,” said Chernow.

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3 comments to Here’s Why Americans Are Mad as Hell at Wall Street and Washington

  • anon

    “Here’s Why Americans Are Mad as Hell at Wall Street and Washington”?

    KLEPTOCRATS. They rip us off (blind), while smiling for the cameras, and lying their a**es off. Obama is the LIAR-IN-CHIEF. We, the People, SUBSIDIZE these “elites” and their legions of minions, who do little more, than sit around in suits and ties, and TALK A LOT.

    • anon

      Oh, that’s right… They do actually DO something… They LIE, CHEAT, STEAL, & start WARS, FAUX “REVOLUTIONS”, FAMINES, GENOCIDE, MURDER. Yeah. So, it’s not like they just sit around and TALK A LOT in expensive suits and ties.

      • Ed_B

        Hell no. No sitting around. The devil’s minions have MUCH to do and a flaming pitchfork in their butts if they do not move things along quickly, as ordered.

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