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Poll: Banks Run the Country

Recs

35

July 07, 2009 – Comments (16) | RELATED TICKERS: GS , JPM , C

Fools,

There has been to much back and forth between Bulls, Bears,  "doom and gloomers", Democrat vs Repub, Conservative vs Liberal etc.... I thought it might be time to establish some common ground. 

Can we all agree that banks run the country?

First some wisdom from our Founding Fathers:

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

Thomas Jefferson, Letter 1802 to Secretary of the Treasury, Albert Gallatin

I submit the following evidence:

From George Washingtion Blog Post:

It is no secret that the banks own the U.S. government. For example:


Leading economist Dean Baker wrote today "Banks Own the US Government"


The number two ranking Democrat in the Senate, Senator Dick Durbin (D-IL), said: "Frankly, banks own the place."


Collin Peterson, Chairman of the Agriculture Committee, said: “The banks run the place ... I will tell you what the problem is — they give three times more money than the next biggest group. It’s huge the amount of money they put into politics.”


Of course, not all banks are equal. For example, Goldman Sachs clearly has a leading role.

From the Big Picture: Failing Upward

• Robert Hormats, Vice Chairman of Goldman Sachs, is to be installed as Under Secretary of Economics, Business, and Agricultural Affairs.

• Jacob Lew, Chief Financial Officer of Citigroup Alternative Investments Group, as Deputy Secretary of State
(Lew’s dept. lost $509 million in the Q1 2008)

• Michael Froman, Citigroup, Deputy National Security Adviser for International Economic Affairs. Froman was formerly Chief of Staff to Robert Rubin at Treasury, before following him to Citi.

• Froman’s deputy, David Lipton, ran Citi’s global country risk management effort.

• Lewis Alexander, Citigroup’s chief economist and now Counselor to Treasury Secretary Timothy Geithner

• Neal Wolin, President and COO, Hartford Insurance Company, Property and Casualty Group now Deputy Treasury Secretary (Hartford received $3.4 billion in TARP funds).

• Gary Gensler, Goldman Sachs partner, now Chairman of the Commodity Futures Trading Commission Note: It was Gensler who was a key proponent (as Clinton’s Assistant Secretary of Treasury) in pushing the Commodity Futures Modernization Act of 2000.

• Mark Patterson, Goldman Sach’s lobbyist, now Treasury Chief of Staff

• Linda Robertson, Enron lobbyist, Chief PR Federal Reserve

Ref: The Big Picture: Failing Upwards: The Wall Street White House

The Wall Street White House
By ANDREW COCKBURN

16 Comments – Post Your Own

#1) On July 07, 2009 at 9:43 PM, Tastylunch (29.42) wrote:

Hmmm I dunno Monsanto and Wal-Mart are pretty dang powerful too

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#2) On July 07, 2009 at 9:47 PM, fmahnke (88.01) wrote:

Banks do own the Country. I remember the TARP panic and still believe we would have been better off without it

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#3) On July 07, 2009 at 10:00 PM, russiangambit (29.42) wrote:

Corporations shouldn't be able to give money or lobby at all. One can dream.

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#4) On July 07, 2009 at 10:04 PM, abitare (52.46) wrote:

FYI -

Thomas Jefferson and Andrew Jackson understood "The Monster". But to most Americans today, Federal Reserve is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.

Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary new film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.

Alan Greenspan is not, we're told, happy about this 42-minute blockbuster. Watch it, and you'll understand why. This is economics and history as they are meant to be: fascinating, informative, and motivating. This movie could change America.

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#5) On July 07, 2009 at 11:26 PM, HarryCaraysGhost (99.61) wrote:

Agreed, but how do I trade this mess.

If you do a study Goldman Sachs was involved in every bubble since the Great Depression.

I think cap n' trade is the next bubble just don't know where the trade is?

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#6) On July 08, 2009 at 6:03 AM, camistocks (< 20) wrote:

I voted C: I do not know and I don't want to know... ;-)

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#7) On July 08, 2009 at 2:42 PM, Zanibel17 (97.25) wrote:

Yay for Abitare!  I said the same thing last week in my MBA International Economics class.  Banks don't just run this country, they run the whole MFing world. 

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#8) On July 08, 2009 at 5:06 PM, Imperial1964 (98.27) wrote:

Yep.  Banks are international in scale and some are even explicitly involved in policyshaping like the IMF and World Bank Group.  (I know these two aren't depository institutions, but they are still banks)

He who controls the supply of money controls the people.

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#9) On July 08, 2009 at 5:38 PM, tonylogan1 (28.26) wrote:

interesting to see 83 votes on the poll and only 26 recs.

 

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#10) On July 08, 2009 at 5:50 PM, dbjella (< 20) wrote:

 tonylogan1 

You can't expect us lemmings to vote and rec?  Geez, that is so complicated :) 

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#11) On July 08, 2009 at 7:53 PM, AnomaLee2k9 (79.13) wrote:

I wanted to vote C)

I wish I were still blissfully ignorant.


Tastylunch
"Hmmm I dunno Monsanto and Wal-Mart are pretty dang powerful too"

I agree, but I'd have to put the banks that are primary dealers above all.

They influence all things in all pockets of the world.

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#12) On July 14, 2009 at 12:33 PM, JTShideler (77.55) wrote:

According to OpenSecrets.org (one of my favorite sites)

In 2008 the top Industries for political contributions were link

1. Lawyers, 2. Retired, 3. Securities/Investment, 4. Real Estate, 5. Health Proffessionals.  Banks were 16th and only if you summed up the Securities Investments, Insurance and Bank industries as one category would you equal the 126 mil that Lawyers and Retired People each put up.

So maybe the country is really controlled by old retired lawyers.

 

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#13) On July 14, 2009 at 1:48 PM, abitare (52.46) wrote:

ALCON,

Good replies, that you for your interests.

JTShideler,

Good stats. FIRE economy are all related and interdependant 

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#14) On July 14, 2009 at 7:19 PM, topsecret09 (44.16) wrote:

       Actually Its all of the lobbyists of big coorporations that swarm CAPITOL HILL on a daily basis that are running this country... The banks,big pharma,and Insurance companies are all  major contributors to a Congress that Is beholden to BIG BUSINESS of all types,to the detriment of all United States citizens. Power corrupts,and you get to see It first hand In this CONGRESS. The people have the power to stop all of this nonsense,but until more than just a handfull of concerned citizens make their voices heard,nothing will change.....  I write,fax,and call Senators every week. If more people would get off their as..... and share their concerns with their congressional representatives that THEY ELECTED,we might actually see some changes occur In the future.  Call your SENATORS and your representatives In the HOUSE,and tell them what you think,Instead of complaining to each other about the problems that THIS GOVERNMENT HELPS TO CREATE !!     http://www.senate.gov/     http://www.house.gov/

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#15) On July 14, 2009 at 7:26 PM, topsecret09 (44.16) wrote:

http://www.followthemoney.org/database/graphs/lobbyistlink/index.phtml?PHPSESSID=30b4df7dcd87bd874e640d248f61ca40&gclid=COr4m_6r1psCFRxNagodaByv_g

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#16) On July 15, 2009 at 12:04 PM, Zanibel17 (97.25) wrote:

topsecret, how do you know that every single one of us commenters on this thread aren't actively and regularly in touch with our representatives in Congress.  That's a bit presumptuous.  I speak only for myself, but I'm vice chair of the GOP in my congressional district, I'm the congressional district coordinator of a PAC which seeks to promote the return of government to constitutional practices, and I'm a regional coordinator for a gubernatorial campaign whose candidate's main message is that of states' rights.

Just because I believe banks own us all does not mean I'm not fighting for our emancipation.

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