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Sunday, December 14, 2014

Elizabeth Warren Blasts Budget (Wall Street Give Way)

"Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from these rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it."
-Adam Smith

The Republicans are set to take the Senate next month, nixing any hope of any further restraint of concentrated state-private Wall Street power.

This month the Republicans weren't the ones we really had to worry about.  Wall Street used the Democrats to do their bidding in this budget battle.  Wall Street just got a big Christmas present this year, a massive public subsidy covering risky trading. 

The taxpayer provided subsidy involved language with derivatives.  Basically allowing the big banks to make risky bets insuring the losses through FDIC insurance.  This insurance, set up after the crash in 1929 was meant to protect individual depositors, and never intended to cover bank losses.

Elizabeth Warren took the Senate floor to blast that portion of the spending bill.  Wall Street is on the offensive again, and while they've won this battle, the war certainly isn't over. 

"Do not go gentle into that good night
"Do not go gentle into that good night,
Old age should burn and rave at close of day;
Rage, rage against the dying of the light."




 Do not go gentle into that good night
Do not go gentle into that good night,
Old age should burn and rave at close of day;
Rage, rage against the dying of the light.

Though wise men at their end know dark is right,
Because their words had forked no lightning they
Do not go gentle into that good night.

Good men, the last wave by, crying how bright
Their frail deeds might have danced in a green bay,
Rage, rage against the dying of the light.

Wild men who caught and sang the sun in flight,
And learn, too late, they grieved it on its way,
Do not go gentle into that good night.

Grave men, near death, who see with blinding sight
Blind eyes could blaze like meteors and be gay,
Rage, rage against the dying of the light.

And you, my father, there on the sad height,
Curse, bless, me now with your fierce tears, I pray.
Do not go gentle into that good night.
Rage, rage against the dying of the light.

-Dylan Thomas

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