It was stated on the Sudden Debt blog that it is "imperative" that Obama do away with the "already withered" "shadow" banking system. Here is my response to that idea.
President Obama will do not do away with the shadow banking system because he is even more captured by the banking cabal, shadow and otherwise, than his horrid economic team.
Obama is at least as captured by the banking system as the ignominious Larry S and Tim G because A.) he is an ignoramus about financial matters, and so can be easily bamboozled, and B.) because, long ago, Obama was bought and paid for- small contributions from sucker voters notwithstanding- by the banking industry.
What's more, Obama does not have the personality to fight powerful interests, (quite the opposite, he bends to them) or even, much less, to take some risks. Over the long run, Mr. Obama will likely prove to be what he has demonstrated himself to be during the first three months of his Presidency, a go along to get along spokesman in chief. Let's face it, the number of examples of Presidents acting as reformers are very few, and at this point in our vitiated Republic's life, seemingly non-existent.
Obama, rhetoric aside, has allowed what transpired during the waning days of the odious Bush Administration to continue unabated, and so, we the people have been robbed to replenish a criminal banking establishment in a manner that Mussolini's Fascist big corporate/ government enablers and facilitators would have instantly recognized. We do it without threats or acts of violence, but otherwise there is little difference in the way that government conducts itself vis a vis the (shadow) banking industry.
With all that in mind:
Today was a particularly infamous day as Wells Fargo posted "record earnings." The only problem with their triumphant announcement is that they did not earn their "record" earnings. Their fraudulent winnings were appropriated by the not so invisible hand of our very own government from its seemingly somnambulant subjects. Pardon the purple prose.
There are only two ways this honking, toxic, world class king hell abomination of a financial system we have will be properly put down; It will either destroy itself once and for all, the people, in an uncivil manner, will take it down, or perhaps, outside forces, (think competitor nations) will deliver what amounts to a coup de grace. None of the above are, of course, mutually exclusive.
Have a pleasant Easter or Passover.