Tuesday, 27 April 2010

Fight the Derivatives Cancer with a Wall Street Sales Tax, Plus Bans on Hedge Funds, Credit Default Swaps, and Synthetic CDOs

The Obama administration has been posturing this week about the life and death issue of Wall Street reform. Obama’s predicament is that of a Wall Street puppet who has been put into the White House thanks among other things to almost $1 million of contributions from the infamous Goldman Sachs – but who now needs to make a show of fighting his own Wall Street patrons for political reasons.


Webster Tarpley is right on the money here: radical reform is needed immediately. It is time to BAN, VOID or DISMANTLE harmful financial institutions and debt instruments. When the mess is cleaned up, old Laws need to be reinstated, and no more bailouts issued.

[Posted at the SpookyWeather blog, April 27th, 2010.]

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