“Proprietary trading is not an essential commercial bank service that justifies taxpayer support.”
–Paul Volcker defends the rule that bears his name, which allows for government insurance on commercial bank deposits but leaves speculative traders to fend for themselves. Goldman, Sachs would prefer its prop desk was backed by Uncle Sam.
“… the United States will be in full blown debt ceiling hike chaos just as the final electoral debates take place.”
-Zero Hedge gives us something to look forward to.
“Obama Wall Street Fundraising Evaporates As Donors Flee To Romney”
–Headline at The Huffington Post. Apparently allowing Too Big To Fail banks to thrive and escape prosecution has not paid off. Might as well welcome their hatred, Mr President.
A highly complex set of laws and exemptions from laws and taxes has been put in place by those in the uppermost reaches of the U.S. financial system. It allows them to protect and increase their wealth and significantly affect the U.S. political and legislative processes. They have real power and real wealth.
–An anonymous investment manager. It’s not really the 1% who pull the strings. It’s the 0.1%.