A cold hard look at Wall Street. Part 2. Posted by James Randolph on December 14, 2010
A cold hard look at Wall Street. Part 2.
December 14, 2010 –Paul B. Farrell’s article 10 Reasons To Shun Stocks Till Banks Crash gives us lots of reasons to invest in certified gold, but his message goes well beyond that. It is a wakeup call to America that an even greater financial meltdown is on the way.
At the heart of the problem is a rogue band of traders who feel that they are above the law and any moral constraints. Right among them is the Fed, encouraging them to “take bigger and riskier bets in the future because they will get away with it next time, too.”
The Fed recently released 21,000 documents underscoring Ben Bernanke’s disregard for taxpayer money in his $3.3 trillion giveaway, which included banks in foreign countries in addition to scores of willfully incompetent Wall Street financial institutions.
And who gained from the bailout? The very same people who caused the crisis in the first place. Top decision makers received enormous bonuses for their indiscretions while their firms prospered on taxpayer money. Worse, America’s working class came out the big loser.
Balanced against population growth the economy is retreating at 1.3%. Farrell warns “America’s new era, featuring no growth, deflation and a jobless recovery, will continue for years, resembling Japan over the past two decades . . . Wall Street is suicidal. It’s kamikaze . . . Wall Street’s self-destructive greed is driving America to the edge of total failure.”
The handwriting is on the wall. Wall Street will not change as long as they continue filling politicians’ war chests. And if Wall Street doesn’t change it will take America down with it when it once again collapses under the weight of its own greed. We may not be able to stop it, but we can take shelter in certified gold.
Senior Staff Writer – Certified Gold Exchange