Securities fraud cases are down 87% since 2000. Great News! On the surface, it appears that Wall Street has finally turned away from the dark side and the free market system of letting the market take care of itself is working for the good of everyone.
Don’t bet your life savings on it. This ‘miraculous’ turn of events is simply another Ponzi scheme. Instead of shifting money around to cover other debts, as is the idea of the Ponzi scheme, the federal government has been shifting investigative resources towards preventing terrorism and away from preventing the U.S. economy from being ripped off.
As a result of spending less time ferreting out the con artists that everyone knows are there, the FBI and the SEC has allowed the American taxpayer to be ripped off to the tune of billions of dollars to bailout the economy. How did our government best serve our interests in this brilliant maneuver?
We now have armed security forces roaming our airports rummaging through our luggage forcing us to take off our shoes and empty our water bottles. They see through our clothing to view every personal detail of our bodies. When they see fit, they confiscate our electronic equipment and force us to sit in rooms designated as ‘international zones’ so that the ‘authorities’ are not encumbered with Americans’ civil rights while we await further investigation. All this so we can visit relatives and friends. We are subjected to this humiliation while our fellow Americans on Wall Street are allowed to rip us off of our savings and our government further rips us off to bail them out. What a country.
Have we even had any terrorist threat to our airline industry since 2001? Some will argue that its because of all the security that we haven’t had any threats. How about using that same logic on Wall Street? If we watched our money handlers as stringently as we scrutinize our ‘friendly skies’ we wouldn’t be in this financial mess.
Wall Street claims it doesn’t need to be regulated. Free market cheerleaders say the economy should handle itself. The current state of the economy, swirling down the toilet, is a great argument for more regulation and less ‘free’ market.
It always comes down to humans cannot be trusted with other people’s money.
We will never see an end to corporate abuse. Even if there was a regulatory investigator on every corporate staff, there would not be enough honest, un-corruptible individuals to rid the American people of this type of evil.
To these guys, money no longer represents a hard working individual trying to make a better living for himself and his family by buying into the stock market dream of having your money work for you. This money becomes nothing more than another commodity that can and should be controlled and used to make more money for the fund manager. The implied promise to protect the owners investment becomes secondary. And if they have to bend a few rules or make unethical decisions that could result in a quick profit for themselves while there is no one watching over his shoulder then he will take that chance.
Obama has promised an overhaul of the SEC, but this is just a matter of course for an incoming authority when the current system has failed. In the end, nothing will really change, as long as humans are handling other peoples money, unregulated and without the threat of severe punishment, there will be fraud and deception.
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