Taxpayers have put more than $24 trillion on the line to resuscitate Wall Street after the economic meltdown of last year. With the help of this massive taxpayer support, the nation's largest banks are posting record profits. That, by itself, is not bad. After all, our economy runs on profit, and the whole point of the government aid was to get the banks out of intensive care. The problem is that many of these banks have resumed their old habit of using other people's money to gamble with the same risky unregulated derivatives that led us into this crisis.
Let's embrace productive capitalism, not casino capitalism, by restoring transparency and true competition in the commodities markets. Our nation's financial sector can act as a great force for job creation and production. We should not stand by and let their dimly lit casino bring us all down once again.
Saturday, October 31, 2009
Cantwell: "Wall Street Has a Gambling Problem"
Sen. Maria Cantwell: