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How America Can Free Itself From Wall Street

 / The New York Stock Exchange building looms large on Wall Street in New York City. (Max Pixel)

  • Wall Street owns the country.
  • Related: Central Banks Have Gone Rogue; The Contagion Has Spread To Democracy Itself.

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Wall Street owns the country. That was the opening line of a fiery speech that populist leader Mary Ellen Lease delivered around 1890. Franklin Roosevelt said it again in a letter to Colonel House in 1933, and Sen. Dick Durbin was still saying it in 2009. “The banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill,” Durbin said in an interview. “And they frankly own the place.”

Wall Street banks triggered a credit crisis in 2008-09 that wiped out over $19 trillion in household wealth, turned some 10 million families out of their homes and cost almost 9 million jobs in the U.S. alone. Yet the banks were bailed out without penalty, while defrauded home buyers were left without recourse or compensation. The banks made a killing on interest rate swaps with citiesandstates across the country, after a compliant and accommodating Federal Reserve dropped interest rates nearly to zero. Attempts to renegotiate these deals have failed. / Ellen Brown is an attorney, chairman of the Public Banking Institute, and author of twelve books including "Web of Debt" and "The Public Bank Solution."

Full story …


Central Banks Have Gone Rogue; The Contagion Has Spread To Democracy Itself. Compiled by David Culver, Ed., Evergreene Digest

  • 1: Ten Years After The Financial Crisis, The Contagion Has Spread To Democracy Itself.
  • Tim Geithner, BenBernankeand Hank Paulson dealt a catastrophic blow to public faith in American institutions.
  • Part 2: Central Banks Have Gone Rogue, Putting Us All at Risk.
  • It is time to curb central bank independence. Iftheirpowerful tools are going to be put to work, it should be in the service of the public and the economy.

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