Pam Martens • http://www.wallstreetonparade.com • November 15, 2012
…There’s one other positive to support the creation of public banks – competition to Wall Street. Reforming Wall Street cannot happen under the current compromised Congress; under the current campaign financing system; under the corrupt revolving door between Washington and Wall Street; under a system that rewarded the supervisory failures of the New York Fed by giving it greater oversight of Wall Street while continuing to allow Wall Street execs and their cronies to sit on its Board of Directors. The entire system is malignant and an insurmountable obstacle to the Nation’s economic recovery. We have watched for four years as Congress failed to reform Wall Street. The one thing that might actually stand a chance of reforming it is honest competition that provides an honest alternative.
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