Re-priming the economic doomsday machine

Economists: Another financial crisis on the way

Nonpartisan group led by Nobel winner calls for stronger financial reforms

The report warns that the country is now immersed in a “doomsday cycle” wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management – and when the risks go wrong, the banks receive taxpayer bailouts from the government.

“Risk-taking at banks,” the report cautions, “will soon be larger than ever.”

The banks and hedge funds have a fifth column into the ever-compliant Obama Administration. They are the primary beneficiaries of the bailouts and thus get to pay themselves huge sums as they ramp up their stock prices to make themselves and hedge funds even more money.

It should be completely apparent by now that they do not care what happens to the country and that Obama is part and parcel of this theft.

As for financial reform:

“Sen. Dick Durbin once said the banks ‘owned’ the Senate,” says Johnson. “The next few weeks will determine whether or not that statement is true.”

Our system is corrupt and not beholden to the people. It needs to be replaced. That will happen when enough people get angry enough to take serious action. Major protests. Five million people in D.C. blockading the city until Congress and Obama do the right thing or resign. That’s what it will take. Don’t say it can’t be done because it’s happened in lots of countries before. And it needs to happen here.

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