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Chinese President Xi Jinping
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Here we go again, when anything goes wrong in the world Obama, our politicians, and now Wall Street, blame China. As I have written several times, maybe we should not rush to judgement until the facts have arrived. In the meantime there are some truths that might suggest our economic experts continue to be wrong.
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 Washington and around the world.
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.
U.S. Government
Executive Branch Financial Regulators
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
U.S. Government
Legislative Branch Financial Oversight
The
House of Representatives
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The House of
Representatives
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The Senate
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The Senate
Senate Committee on Agriculture, Nutrition, and Forestry
Subcommittee
on General Farm Commodities, Risk Management and Trade
Subcommittee
on Conservation, Forestry and Natural Resources
Subcommittee
on Horticulture, Research, Biotechnology, and Foreign Agriculture
Subcommittee
on Livestock, Marketing and Agricultural Security
Subcommittee
on Nutrition, Speciality Crops and Agricultural Research
Subcommittee
on Rural Development and Energy
Senate Committee on Appropriations
Subcommittee
on Agriculture, Rural Development, Food and Drug Administration and Related
Agencies
Subcommittee
on Commerce, Justice, and Science, and Related Agencies
Subcommittee
on Defense
Subcommittee
on Energy and Water Development
Subcommittee
on the Financial Services and General Government
Subcommittee
on State, Foreign Operations, and Related Programs
Subcommittee
on Homeland Security
Subcommittee
on Interior, Environment, and Related Agencies
Subcommittee
on Labor, Health and Human Services, Education, and Related Agencies
Subcommittee
on Legislative Branch
Subcommittee
on Military Construction, Veterans Affairs, and Related Agencies
Subcommittee
on Transportation, Housing and Urban Development, and Related Agencies
Senate Committee on Armed Services
Subcommittee
on Airland
Subcommittee
on Readiness and Management Support
Subcommittee
on Seapower
Subcommittee
on Strategic Forces
Subcommittee
on Emerging Threats and Capabilities
Senate
Committee on Banking, Housing, and Urban Affairs
Subcommittee
on Economic Policy
Subcommittee
on Financial Institutions and Consumer Protection
Subcommittee
on Housing, Transportation, and Community Development
Subcommittee
on National Security and International Trade and Finance
Subcommittee
on Securities, Insurance, and Investment
Senate Committee on the Budget
Senate Committee on Commerce, Science, and Transportation
Subcommittee
on Aviation Operations, Safety, and Security
Subcommittee
on Communications, Technology, Innovation and the Internet
Subcommittee
on Consumer Protection, Product Safety, Insurance, and Data Security
Subcommittee
on Oceans, Atmosphere, Fisheries, and Coast Guard
Subcommittee
on Space, Science and Competitiveness
Subcommittee
on Tourism, Competitiveness, and Innovation
Subcommittee
on Surface Transportation and Merchant Marine Infrastructure, Safety and
Security
Senate Committee on Energy and Natural Resources
Subcommittee
on Energy
Subcommittee
on Public Lands, Forests and Mining
Subcommittee
on National Parks
Subcommittee
on Water and Power
Senate Committee on Environment and Public Works
Subcommittee
on Clean Air and Nuclear Safety
Subcommittee
on Superfund, Waste Management, and Regulatory Oversight
Subcommittee
on Transportation and Infrastructure
Subcommittee
on Fisheries, Water and Wildlife
Senate Select Committee on Ethics
Senate Committee on Finance
Subcommittee
on Energy, Natural Resources, and Infrastructure
Subcommittee
on Fiscal Responsibility and Economic Growth
Subcommittee
on Health Care
Subcommittee
on Social Security, Pensions, and Family Policy
Subcommittee
on Taxation and IRS Oversight
Subcommittee
on International Trade, Customs, and Global Competitiveness
Senate Committee on Foreign Relations
Subcommittee
on State Department and USAID Management, International Operations, and
Bilateral International Development
Subcommittee
on Africa and Global Health Policy
Subcommittee
on East Asia, the Pacific and International Cybersecurity Policy
Subcommittee
on Europe and Regional Security Cooperation
Subcommittee
on Multilateral International Development, Multilateral Institutions and
International Economic, Energy, and Environmental Policy
Subcommittee
on Near Eastern and South Asia, Central Asia and Counterterrorism
Subcommittee
on Western Hemisphere, Transnational Crime, Civilian Security, Democracy,
Human Rights and Global Women's Issues
Senate Committee on Homeland Security & Governmental
Affairs
Subcommittee
on Financial and Contracting Oversight
Subcommittee
on Federal Spending Oversight and Emergency Management
Permanent
Subcommittee on Investigations
Subcommittee
on Regulatory Affairs and Federal Management
Senate
Committee on Health, Education, Labor, and Pensions
Subcommittee
on Primary Health and Retirement Security
Senate Select Committee on Intelligence
Senate Committee on the Judiciary
Subcommittee
on Antitrust, Competition Policy and Consumer Rights
Subcommittee
on Bankruptcy and the Courts
Subcommittee
on The Constitution
Subcommittee
on Crime and Terrorism
Subcommittee
on Immigration and the National Interest
Subcommittee
on Oversight, Agency Action, Federal Rights and Federal Courts
Subcommittee
on Privacy, Technology and the Law
Senate Committee on Small Business and Entrepreneurship
Senate Committee on Veterans' Affairs |
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, in China,
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.
These are the headlines around the world concerning the Chinese effort to drive the crooks out of the financial markets.
Authorities to step up crackdown on those ‘destabilising’ market
China says 197 punished in crackdown on online rumors
China stocks slide as crackdown on
speculators spreads, lose 11 percent in August
SHANGHAI
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
China arrests nearly 200 in
stock market crackdown
Shadow lending crackdown looms over China’s stock market
China stock exchanges step up
crackdown on short-selling
China’s (Renewed) Crackdown on Insider Trading
Avic Units Targeted In China's Crackdown On Sell-Offs
China
accuses brokers of manipulating share prices during stock market crisis
Beijing’s police ministry said it has launched a criminal investigation into
unlicensed companies that financed speculative trading
China
accuses trading firms of manipulating stocks
Wall Street Breakfast: China Heightens Curbs In Market
Crackdown
Aug. 4, 2015 7:06 AM ET
China
has unveiled more rules that make it harder for speculators to profit from
hourly changes in stock prices. Under the new guidelines, short sellers must
wait at least one day to cover their positions and repay loans used to buy
shares.
Behind enemy lines - foreign hedge
funds thrive in China
China stock exchanges are
stepping up a crackdown on short-selling
.
