Army Of Avarice Plunders America Into Calamity That Did Not Have To Happen

plunder-01-smFrom: Call To Account's Weblog

Every legit competitive sport has rules of conduct governing how the game is to be played, all conceived to maintain the fairness, honesty and integrity of the process.  Umpires, referees, linesmen, field judges and alike don’t hesitate to impose sanctions the moment they spot an infraction.  Break a rule, you’re penalized, benched, fined, out of the game, out of the sport, maybe even for good.  Congress and the media repeatedly tell us the American public would tolerate no less, even though the overwhelming majority of sports fans have nothing more than a mere rooting interest in the outcome; no “skin” as it were, in the game – except gamblers, who have all the more reason to want it to be on the level, unless they’ve already fixed it.

Avoiding Armageddon

How bizarre then, that on Wall Street, repository of the hopes, dreams and what’s left of the hard earned cash and retirement savings of American investors, the most basic of rules enacted to protect the fairness, honesty and integrity of the process are routinely ignored and dishonored.

Like it’s predecessor, the Obama administration has thus far assiduously avoided examination, pursuit or punishment of those most responsible for plunging us and the rest of the world into a financial calamity that did not have to happen — and from which many believe we will never recover.

In fact, in the name of “avoiding” financial Armageddon, they’ve bent over backwards to provide cash and cover for, if not actively participate in, a thoroughly corrupt status quo that selectively eschews the rule of law to enable manipulation of a broad range of markets that hugely profit the most greedy and lawless among us – to the permanent detriment of everybody else.  That might not be the intention at the very top, but the scoreboard still reads: Wall Street 10, Public minus 10 plus interest, payable forever.

A seminal element of the enormous problems we face today is little known or understood by the general public and most investors: the government’s abject failure, via the Securities and Exchange Commission, the agency charged with protecting investors and the integrity of the markets, to enforce the most basic, rudimentary business axiom: that when a buyer pays, the seller must deliver that which was sold – (obliquely: he who sells what isn’t his’n, must make good or go to prison).

Congress passed the Securities Exchange Acts of 1933 and `34 to restore greatly diminished public confidence in our capital markets and mandated the SEC: “having due regard for the public interest, the protection of investors, and the safeguarding of securities, to facilitate the establishment of a national system for the prompt and accurate clearance and settlement of transactions in securities.”

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