James Gornick's  Instablog

Far-fetched - The Obama Reforms Have Revealed The Need of 4 New Initiatives…

Banks are far from out of the clear from true real reforms...


The recent Boston Tea Party has raised the first initiative of reform that the American Voter and Taxpayer needs to stay awake and remember throughout Obama's and the next President, whoever that may be.
 

This reform is a critical flag of mandates placed upon the American Voter and taxpayers during the upcoming off year elections of incumbents within the House and Senate Republicans, Independents, and Democrats as raised in an interview with Bill Moyers and Mother Jones. 
  

It also calls for three other reforms to gain tougher stances on the Banking Reforms. It also calls for the American Taxpayer to let the Barney Franks, President Obama and the host of incumbent House and Senate, whether they be Republican and or Democrat, your time may be short, if you are not hearing the American cry for true reforms. 

The fact today the rumors were circling with the Volker plan. It seems the Volker plan is being used by the Banks and the inside Washington elite like a political side show being waged against the Taxpayer and Voter to quickly get amnesia.

This writer is making these concerns known, as it seems Volker is being portrayed as absent with true form for his rules for Congress to adopt and rapidly pass. Call it the senile card of Volker and that only Larry Summers and Timothy Geithner  can sell the reforms needed to move real reforms to laws or the Volker Rule is to  arrive dead or at best extremely watered down.
 

It is a call for the voice of many who can use this tool to gain a voice that starts the eventual changes needed  to occur to make (TBTJ or TBTF) never the case again. These efforts are grass-root and can make differences as seen in the recent election with the state of Massachusetts  of Scott P. Brown in 2010.
 
Senator Elect Brown is replacing the long-term seat held by the Democratic party of Senator Kennedy who recently died in the early part of 2009 of Brain Cancer.

The interview out of Bill Moyers Journal with David Corn and Kevin Drum, the writers with the well known magazine of "Mother Jones" hit a cord with this writer.

In this interview, it was realized by statements made by Bill Moyers, and I quote, "Lobbying by Wall Street has blunted efforts to step up regulation on derivatives trading by carving out exceptions or leaving the status quo in place. Derivatives take blame for some of the worst debacles of the financial crisis. But a year after regulators and critics began calling for an overhaul in the way they're traded, some efforts have been shelved, and others have been watered down." Bill Moyers went on further and said, "What does it say when "Mother Jones" and the "Wall Street Journal" reach the same conclusion? That our government cannot stand up to the lobby even on an issue like derivatives, which were at the root of much of our problem over the last few years" (Mother Jones Interview, January 8, 2010)?
 

The eventual statement came soon after from Kevin Drum. Drum had raised the thoughts of what Simon Johnson; a well known MIT Professor and former position as chief economist for the I.M.F., as well as had been interviewed in the past by Bill Moyers, stated, "Simon calls Intellectual Capture" (Drum).
 

Bill Moyers repeats the words, "Intellectual Capture" (Moyer).
 

The next quote sets the tone why all voters need to still keep alive, "The Boston Tea Party" first wave of real reforms by the power of a vote. Kevin Drum states, "Right. It goes beyond regulatory capture, where, say the banks control the S.E.C. That's one thing. Intellectual Capture means that essentially the financial industry has convinced us, you know, in the '50s what was good for General Motors was good for America. Now it's what's good for Wall Street is good for America. And they've somehow convinced us that we shouldn't ask about what's right or what works or what's good for America. We should ask what's productive, what's efficient, what helps grow the economy" (Drum).
 

Right after that statement, David Corn immediately delivered the statement that stuck in my thoughts for days. This is the "Stockholm Syndrome. Where you're hostage starts identifying with the people holding them captive. Americans have been, you know, have been talk- said- told over and over again that if the Dow's going up, if Wall Street's making money, it's good for you" (Corn).
 

Bill Moyers clearly rings the Liberty Bell of voters count during election time, when he stated, "Because, the tea party was about taxes, right? The — one of the causes of the American Revolution was unfair taxation. And yet--", David Corn States, "We've been talking a lot about politicians and money. There's something they care about more than money, ultimately. And that is votes. That is their job, you know, protection. People in Congress generally want to win their next reelection" (Corn).
 

Bill Moyers continues with the statement of, "Well, 96 percent of incumbents usually do" (Moyer). David Corn delivered the reason for one of the reasons for this article post with, " And they usually do. So, they would care to a certain degree about popular anger if it was pointed enough and directed at them sharply enough. But, you know, people don't raise a fuss about this, if there's an angry editorial in the "New York Times" or we rail about it at "Mother Jones" or you do a commentary. You know, they can survive that. 
           
Believe you me, they may not like it. Maybe next time, you know, you run into Chuck Schumer somewhere. He'll point his finger at you. But they can survive that. What they can't survive is people realizing, "Hey, you're not looking out for me. You're looking out for those rich other guys. Because they're giving you money."  And until people get, you know, demonstrate in big enough numbers, that this is a direct concern to them. And every once in awhile, you know, there's an eruption.

There's a bubble of activity along those lines. They don't have to worry about it. They live in their own Washington bubble. And they see, you know, they have decades of empirical evidence to base their actions on. They can say, "Yeah, I can get away with this. I can get away with that. I can get away with this. Guess what? I can get away with most anything I try" (Corn). 
           
Bill Moyers finishes with the statement, "Your article confirms for me, reinforces for me what David is talking about. That there are two parallel universes in America today. And that Washington is, as you said a moment ago, a bubble in which they know, the people who write the rules, the beltway press, the people in power, know that they can get away with this, because there's no significant way that the popular angst can penetrate that bubble" (Moyer).

 

 

 
Go to this article as can be read on Motherjones.com to get the feel why we all need to keep the anger level up as we showed is possible to make change as seen in "The Boston Tea Party" win by the Republicans and that we still have some control to try to keep them honest if at all possible.
 

In this article we all will realize the critical condition the global recovery is in. Joseph Stiglitz holds no punches and cannot be also included in the public campaign by the banks and congress as senile as they are trying to pull off with Paul Volker.
 

The web-links listed below are hoped they will bring the new warnings for all to concentrate on. A Warning  to help the markets from not making the next critical crash brings home the ugliness why we should all take up our voice of concerns for real reform:           

It is important to review the questions of this Hearing with Geithner, Paulson by Marcy Kaptur.

The final article concerns the happy factor of economic theory as conveyed by Joseph Stiglitz. All need to keep in mind; Stiglitz is a World Renown Economist.

Joseph Stiglitz is also critical for all to review and learn his thorium's. Just the media problem causing the extra measures of economic recoveries to be brought to a new bubble is the last reform we need to work on and possibly one of the most critical. Go to this article as provided from Bloomberg.com:

This is a continued series of articles to rally the American People to keep alive the voice for real reforms to ensure a true recovery…