Wall Street Looting Class in Cahoots With Many in Government
Meanwhile, there are the super rich described to perfection by Sam Pizzigati as "These "ultra-high-net worth" households make up less than 1 percent of the global millionaire total, yet in 2009 and 2008 they held more than a third of combined global millionaire wealth. In other words, the global financial crash that mega-millionaire speculation triggered has ended up concentrating even more wealth in mega millionaire pockets."
Then there is the Wall Street looting class who also belong in the ultra rich category above.
At New Deal 2.0, Joe Costello writes about the looting class:
"The looting class is private public partnership headquartered on Wall Street and the Fed, but with affiliations across the banking system and government. They will in the end only be stopped by a concerted effort of the American people to reclaim both their government and control of their economic destiny.
"Fraud is the main criminal device of the looting class. Yves Smith digs deeper into the crime scene and its perpetrators. It’s essential to understand that many in government are not simply colluding with the looting class, but are full fledged members. Chris Whalen at IRA has a good piece on Public Enemy #1, Robert Rubin, writing:
" 'Reasonable people might call Robert Rubin the chief architect of the financial crisis and also of Wall Street’s grand strategy to minimize the political damage from the subprime crisis. From his mismanagement of the U.S. Treasury’s dollar policy in the mid-1990s to his bailout for Mexico (for Goldman Sachs and other Wall Street dealers), to the rescue of Citigroup and AIG in 2008, Rubin has met or exceeded the most demanding expectations for duplicity from our public servants.'
" 'Nearly two decades after first migrating
to Washington, he apparently is still calling the shots of U.S.
financial and economic policy with the full support of President
Barrack Obama. Working through his favorite marionettes, Treasury
Secretary Tim Geithner and Economic Policy Czar Larry Summers, most
recently Rubin managed the defense of Wall Street following the great
crisis.' "
" 'Never before has so much debt been imposed on so many people by so few financial operatives–operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe.'
" 'External sovereign debt, as well as occasional default on such debt, is not unprecedented. What is rather unique in the case of the current global sovereign debt is that it is largely private debt billed as public debt; that is, debt that was accumulated by financial speculators and, then, offloaded onto governments to be paid by taxpayers as national debt. Having thus bailed out the insolvent banksters, many governments have now become insolvent or nearly insolvent themselves, and are asking the public to skimp on their bread and butter in order to service the debt that is not their responsibility.'
" 'After transferring trillions of dollars
of bad debt or toxic assets from the books of financial speculators to
those of governments, global financial moguls, their representatives in
the State apparatus and corporate media are now blaming social spending
(in effect, the people) as responsible for debt and deficit!' "
"Such has been our looting class’ quarter-century crime spree, climaxing with the collapse of the global economy and the massive swapping of private loss onto the public books.
"The looting class needs to be to brought to justice."




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