Regulate Wall Street

Dear President Obama,

Today’s headlines say it all….
Jamie Dimon is a threat to the Fed and global banking system …
JP Morgan Debacle Reveals Fatal Flaw In Federal Reserve Thinking

GET THE FOX OUT OF THE HEN HOUSE. Why is the leader of
high risk complex financial products, the man demanding no regulation, in a position to make decisions about banking practices?

You have been given a rare presidential opportunity. A second chance to appraise the most critical issue for America’s survival and remedy the situation before unchecked Wall Street greed creates a Great Depression.

This one would be on your watch. You didn’t create the 2007–2012 Global Financial Crisis and you had the lion-heartedness to accept a country in economic meltdown and the intelligence to begin working with Bush’s financial advisors even before you were elected to try and manage the tenuous banking collapse. That’s the courageous far-sited informed Obama we voted for.

But now the government has stabilized the banking crisis with institutional bailouts, Federal Reserve loans, financial mergers and buy outs. Now these unregulated behemoths are stronger than ever, bigger than ‘too big to fail’, fully recovered from their own irresponsible take down of the world’s economy….but with no repercussions or restrictions on those responsible for this Great Recession…whatsoever.

Once again the American public was left picking up the tab for the global elite’s illegal enterprises. And not having been held accountable for their criminal machinations, they continue to play roulette with the world’s financial sustainability, inundating lobbyists with millions of dollars to stop financial regulatory reform so their profit machines, their obscene accumulation of personal wealth, continues to take precedence over the welfare and safety of the citizens of America and the world.

Notwithstanding the immense complexity of these issues, here’s the way it appears to your consitutuency who have lost all faith in their government on every level. If you don’t clean up Washington, you will never clean up Wall Street.

We understand the banks were fragile and you were warned against moving against them when you took office. We understand Presidents have always tried to come up with a workable health care plan and that for financial and humane considerations we needed a functional healthcare system that served the entire population and regulation for the insurance companies who held us captive while they served only themselves and became financial giants with huge political influence.

But now you must address the most critical area our country and the world faces, economic regulation or economic collapse.

With JP Morgan’s fiasco, now is the perfect time for you to step up and take action to regulate the financial industry to prevent continuing undisclosed conflicts of interest, insider trading, corruption of the credit rating agencies, bank’s hording and tightened credit after the consumer bailout, and Wall Street’s casino mindset.

In this election year, while responsible hard working citizens are being foreclosed on and going bankrupt, while the bankers are flush with billions in personal assets, it is hard for us to understand why the government does not initiate punishment for the white collar criminals who caused this worldwide collapse of financial institutions, international bailouts, the housing market crash, rampant business failures resulting in downsizing, prolonged unemployment, evictions, foreclosures, and the bankrupting of the middle class.

We know you will not refuse to be proactive and leave your protesting populace angry, frustrated, unemployed, and homeless and the federal government trillions in debt instead of advocating some form of deterrence for the perpetrators, including but not limited to, incarceration and recovery of their billions through fines, to reduce the federal debt they are hugely responsible for and prevent the shut down of the government. We saved them by giving them billions in bail out money. Now they can save the country by giving back some of their illegally gotten billions.

Without any stimulus or fear of retaliation why would the financial elite that control the world be motivated to consider the ramifications of their actions for anyone but themselves? They have proven they are completely without any moral compass and therefore without any capacity to regulate themselves. They have turned this country into a profit driven society without decency, ethics, integrity, fairness, or any sense of right or wrong. The era of Harvard Business School’s ‘the bottom line at any cost,’ including human welfare, must end. We’ve seen where it’s led us.

It is therefore up to the government to regulate the financial industry and protect the people of their country who elected them. We are looking to you to lead the United States Congress in this difficult but urgent task. We the people feel we have no representation in Washington but with our votes and petitions, and the backing of the Whitehouse, we can change that and for our part, we stand ready to do that if we have to clean house together.

Thank you for your attention to our needs Mr. President. We love you and believe in you but we need you to help us Take Back America for our children and grandchildren. You represent our only hope when your opponents loudly proclaim foreclosure is good for the country.