Chinese President Xi Jinping |
For example, ever since the second greatest stock market crash in history when President Obama took office, America has been struggling to regain an economic foothold. In the past six years we have had one of the slowest recoveries in history and many people wonder if anything really did recover.
Well everyone on Wall Street certainly recovered including those nasty banks who manipulated the market and nearly destroyed the nation. The greatest beneficiary was Goldman Sachs who also happened to be the largest contributor to the Obama campaign.
So great was their influence that Rahm Emanuel of Goldman became the first Obama White House Chief of Staff. A CBS News analysis of the revolving door between Goldman and government reveals at least four dozen former employees, lobbyists or advisers at the highest reaches of power both in
One would think after the loss of trillions of dollars of middle class wealth, home values, retirement funds, etc., Obama would have us prepared to manage another financial crisis. Yet in the most current economic crisis there is silence from the White House. Come to think of it, after all these years since the last crisis, there has been virtually no prosecutions, no fat cats in jail, no banks dissolved, nothing considering the degree of the crime.
So here we are, six years later blaming China for our stock woes. What happened to all the financial reforms? Here is a list of government agencies and congressional committees and subcommittees, the executive and legislative branch resources, to maintain our economy.
Bank and Market
Financial Regulators
US Department of Treasury
US Department of Justice
Office of the Comptroller of the Currency
Office of Thrift Supervision
Securities and Exchange Commission
Federal Deposit Insurance Corporation
Commodities Futures Trading Commission
National Credit Union Administration
Non-Bank Financial
Regulators
Federal Housing Finance Agency
Consumer Financial Protection Bureau
Regulatory Umbrella
Groups
Financial Stability Oversight Council
Federal Financial Institution Examinations Council
President’s Working Group on Financial Markets
Non-Bank Capital Requirements
Federal Housing Finance Agency
The SEC’s Net Capital Rule
CFTC Capital Requirements
Foreign Exchange Markets
Treasury Securities
Private Securities Markets
Federal Reserve
System
CFTC Is Next Agency
To Consider Regulating Algorithmic Trading
By Jenny E. Cieplak on June
9, 2015
So far no word from any of these groups as to what they are going to do regarding market manipulations from the kings of Wall Street.
Ironically, when it comes to the Chinese, they are all over the news with their crackdown on corruption, unfair business practices, and market manipulations. Why is it the Chinese are going after the American companies who are introducing American crooked business practices to the Chinese market, assuming the Chinese will never figure out what went wrong.
Of course it is a safe assumption since the dozens and dozens of American regulators seem to have no interest in stopping the practices here. Look at the headlines the Chinese have generated around the world while we sit on our butts and cast stones.
Leadership is the first requirement for fixing things and Chinese President Xi Jinping has launched one of the largest and most aggressive anti-corruption campaigns in the world. First he took on those throughout the government and now he is focusing on those who have undermined the Chinese efforts to improve the quality of life for the people.
As for the stock market, inChina ,
it only takes one agency to do what the dozens of US agencies cannot do and
that is the China Securities Regulatory Commission. Once again President Jinping has attacked the problem where it is needed. Maybe they
can come here and show us what to do.
As for the stock market, in
These are the headlines around the world concerning the Chinese effort to drive the crooks out of the financial markets.
Beijing scraps large-scale stock buying
Authorities to step up crackdown on those ‘destabilising’ market
China stocks slide as crackdown on
speculators spreads, lose 11 percent in August
China warns
securities industry as crackdown on stock market irregularities expected to intensify
Securities regulator orders industry to step up supervision after brokerage
staff, officials and journalist are detained over unethical trading
Shadow lending crackdown looms over China ’s stock market
Avic Units Targeted In China 's Crackdown On Sell-Offs
China
accuses trading firms of manipulating stocks
Wall Street Breakfast: China Heightens Curbs In Market
Crackdown
Aug. 4, 2015 7:06 AM ET
Behind enemy lines - foreign hedge
funds thrive in China
.