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March 29, 2012



Following is an excerpted version of a letter I sent today to an old friend and now retired presidential library archivist.

I enclose some cutouts and a blog I published last night which looks into what we got and didn’t get for our money in bailing out the Wall Street banks who recently and very nearly brought down the republic with their greedy shenanigans of selling “something” undergirded by “nothing,” a no-no for securities peddlers (or it used to be a no-no). In another day and age (and with the able assistance of Glass-Steagall and a good regulatory regimen), we had reasonably good self-reporting and self-regulating exchanges of securities by investment banks and houses. Glass-Steagall worked well since its inception in 1933 until it was repealed during the Clinton administration, which ignited the age of total greed into the banking system. Now that banks don’t even trust other banks and none of them give a hoot about consumers (see the recent flap by Smith as he left Goldman Sachs, where depositors, customers and consumers were 11th on a list of 10), it has to be clear to any right thinking person that much heavier regulation (plus, if possible, a modified version of Glass-Steagall which would reinstate the wall between commercial and investment banking) are necessary not just in the public interest, but indeed in the interest of our survival as a viable non-Third World state. Yes, it’s that serious, as proven by events!

This problem contains the seeds of our destruction, and without the firing of a single shot. The Redcoats are coming! But in this case they are wearing business suits and aren’t coming as we know it – they are instead “coming” to their offices on Wall Street to determine such trivia as (1) currency values in exchanges between sovereign (?) states, (2) petroleum prices on the international market sans any consideration of such quaint old economic ideas as “supply and demand,” and (3) interest rates on the international bond market etc. etc. etc. I could go on and on. Instead I will repeat (ad nauseam) that the Redcoats are corporations and that they are more dangerous than Iran (and just as alien to the vital interests of American citizens). I fear corporate control of America more than I fear Putin and all the ayatollahs put together, and part of such fear is based on the fact that corporations are within. Putin and the Islamic crazies are external for all to view; not so corporations with their PR propaganda and bribery machines. Those who work for them live and dwell among us in plain view, and while most of them seem to be decent citizens, their employers are profit-driven soulless predators – and America is their prey.

As for Occupiers, I am for any group, right or left wing, Wall Street thug association or even Tea Partiers, to the extent that they are willing to uncover and otherwise publicize the total corporate takeover threat to America. I just don’t know how much longer we can have a society that coheres around some sort of national purpose as we move ahead when it is composed of people who trade paper with one another (and others in this globalized age). I continue to fear for the republic (especially as we have done nothing since our near miss of a few years ago to rein in the excesses of the greed heads, and, quite contrarily, have signaled that we will bail them out again if they get into trouble – without doing anything during the interim to guard against such a repeat performance). Is anybody home in D.C.?

Is our attention so diverted from such crucial matters by discussion of pills and vaginal ultrasounds that we can be said to be rearranging the deck chairs on the Titanic before her final plunge? I hope not. Wake up, people!

Maybe I should change my name from Jerry to Jeremiah. . .  GERALD E

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