1% Versus the 99%

Everyday brings new information for the voters. Today we hear
 “The President is raising cash from Wall Street in a Park Avenue penthouse at the same time his campaign is running ads attacking Romney as a business man who put profits ahead of people.”

Obama, courting “the financial elite himself, raised more than 2 million dollars from Wall Street deal makers telling them “I think risk takers should be rewarded….. while at the same time using [JP Morgan’s] enormous trade loss as example of the need for Wall Street reform.”
In an interview he praised the CEO of JP Morgan Chase saying as well managed as Chase was, what has turned into a 19 billion dollar loss on its high risk trades are evidence that “tougher regulations are needed on Wall Street.” We agree with that part of his position but not his admiration for risk takers who are using taxpayer money to fund their risk taking.

Does this sound like an attempt to take two oppositional positions at the same time? You can’t have it both ways. If you ran on protecting the middle class and reforming Washington by stopping the influence of special interest, you can’t get in bed with those who came close to devastating the American public by causing the Great Recession we’ve been in that last five years.

A difference of opinion between the 1% and the 99%:

JP Morgan Chase CEO Jamie Dimon refers to his bank’s massive trade losses as a “silly mistake.” From middle class America’s viewpoint, the people who funded the bank bailouts and got left holding the bag for Wall Street’s “silly mistakes” that collapsed the world economy, we’re not laughing. There’s nothing silly about unemployment, families without homes, and bankruptcy destroying the credit standing you’ve spent a lifetime building.

Dimon claims regulating banks is un-American and the citizens of America claim it’s the only way to save American democracy and restore the United States to the position of the most powerful country in the world. The Wall Street billionaires being safely protected by their homes and fortunes stashed around the world, suffer no losses if they destroy America by destroying the middle class. Not so for the rest of us. We don’t have multiple homes to run to in an economic collapse.

It’s the middle class working people who pay taxes that support and sustain this economy and this country. The poor unfortunately can’t contribute because they have little or no income. The wealthy have made sure they hold on to their money by getting tax exemptions. That only leaves the middle class consumer tax payer with the burden of funding Washington and the U.S. Government.

The Fat Cats are immune to the annihilation of the Founding Father’s ideal of government of the masses because they have spread their risky investment schemes internationally so their market is worldwide. They will continue to make their billions after they cause our country’s economic collapse by creating different vehicles to scam the unsuspecting who survived the collapse. 

Mitt Romney, Poster Boy for the 1%, is aligned with the Wall Street bankers and wants to undo all the consumer protections and reforms Obama has in place. He wants to roll back the Wall Street reform saying “Too much regulation on Wall Street is actually leading to job loss because Wall Street firms are job creators.” Supposing this was true, at what costs jobs….at the cost of unregulated Wall Street gamblers putting the world in a Depression? The 99% want and need Consumer Protection Acts in place.

Senator Dick Durbin, Chairman of the Subcommittee that Oversees Banks states it perfectly…

”When the folks at Chase decide to invest money they are gambling with tax payer insured money. When 2 billion dollars are lost it’s not just a loss only for stock holders and investors, it’s a potential loss for American tax payers and middle income families.”

“Why don’t we go forward with the Volcker Rule? The Volcker Rule says that banks shouldn’t be engaged in proprietary trading that could in fact endanger their capital positions and call for government support as we had with the last bailout. The Volcker Rule calls more accountability and more transparency.”

Thank you Senator Durbin for speaking for us.

Listen to the rest of these interviews on http://www.cbsnews.com/cbsthismorning/