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Wall Street doesn't influence US govt. They are above the govt.

by dba7dba 11y ago

adventured 11y ago
How do you explain the fact that finance is among the most regulated industries on earth, and the Fed directly controls the banks in numerous ways? How do you explain the Treasury forcing banks like Wells Fargo to join TARP against their own will? Wall Street is a branch office of the US Government's financial interests. They tell Wall Street what to do, and when to do it. They control all of the regulations, they have all of the guns, and they have all of the money (both taxing power and the US dollar). Hell, the US Government earns more on just student loan interest annually than the combined profit of both JP Morgan and Wells Fargo. Wall Street is comically weak compared to the US Government and the Fed. One single month of QE by the Fed tends to be more than the combined profit of the ten biggest American banks. Samsung revenue: $305 billion vs. South Korea GDP: ~$1.3 trillion That's one company with sales equal to 23% the entire size of their economy. By comparison, America's biggest company has sales equal to 2.7% of GDP. Wall Street doesn't even come close to the kind of economic dominance over the US economy that Samsung has over South Korea. America's biggest banks combined are about as big as Apple or Walmart in terms of sheer economic clout.
- boedergip 11y ago
  You cannot compare the revenue of a company with the GDP of a country. http://www.forbes.com/sites/timworstall/2015/01/28/apple-is-not-as-big-as-israel-greece-denmark-or-hong-kong-please-get-a-grip/ http://www.forbes.com/sites/timworstall/2015/01/28/apple-is-...
- dba7dba 11y ago
  Which Wall Street top head was charged and actually punished in court for brining about the Great Recession? None. Samsung's chairperson was charged and actually punished in court (although no actual prison time). At least he did go through the motion. WellsFargo/TARP happened because of the extraordinary circumstance called the Great Recession, WHICH was made possible because Wall Street got rid of regulations they didn't like, separation of retail-bank/investment-bank.

Wall Street doesn't influence US govt. They are above the govt.

by dba7dba 11y ago

Wall Street doesn't influence US govt. They are above the govt.

How do you explain the fact that finance is among the most regulated industries on earth, and the Fed directly controls the banks in numerous ways? How do you explain the Treasury forcing banks like Wells Fargo to join TARP against their own will? Wall Street is a branch office of the US Government's financial interests. They tell Wall Street what to do, and when to do it. They control all of the regulations, they have all of the guns, and they have all of the money (both taxing power and the US dollar). Hell, the US Government earns more on just student loan interest annually than the combined profit of both JP Morgan and Wells Fargo. Wall Street is comically weak compared to the US Government and the Fed. One single month of QE by the Fed tends to be more than the combined profit of the ten biggest American banks. Samsung revenue: $305 billion vs. South Korea GDP: ~$1.3 trillion That's one company with sales equal to 23% the entire size of their economy. By comparison, America's biggest company has sales equal to 2.7% of GDP. Wall Street doesn't even come close to the kind of economic dominance over the US economy that Samsung has over South Korea. America's biggest banks combined are about as big as Apple or Walmart in terms of sheer economic clout.

boedergip 11y ago
You cannot compare the revenue of a company with the GDP of a country. http://www.forbes.com/sites/timworstall/2015/01/28/apple-is-not-as-big-as-israel-greece-denmark-or-hong-kong-please-get-a-grip/ http://www.forbes.com/sites/timworstall/2015/01/28/apple-is-...
dba7dba 11y ago
Which Wall Street top head was charged and actually punished in court for brining about the Great Recession? None. Samsung's chairperson was charged and actually punished in court (although no actual prison time). At least he did go through the motion. WellsFargo/TARP happened because of the extraordinary circumstance called the Great Recession, WHICH was made possible because Wall Street got rid of regulations they didn't like, separation of retail-bank/investment-bank.