WikiLeaks & Wall Street

I’ll begin with this disclaimer: I do not condone WikiLeaks’ release of information about the Iraq war, the war in Afghanistan nor presently the ongoing release of diplomatic chatter between the United States and foreign countries. The ramifications to American foreign policy and American military policy & strategy are incalculable.

Julian Assange, before his recent apprehension, announced that Wall Street was next. Frankly, I looked forward to learning about the shenanigans of those “fat cats” who not only ALMOST undermined the United States’ economy but frankly the world’s economy. Presently the big banks appeared to have recovered, reporting record profits to the delight of investors.
Meanwhile, the rest of the economy continues to be sluggish.

With Assange’s arrest, will the leaks about Wall Street occur? Why am I awaiting the dirt on Wall Street?

Because there hasn’t been enough pressure on Wall Street to come clean. Wall Street has not changed. And our political leaders, regardless of party affiliation, do just enough to appease the populace but not enough to force change on the Wall Street culture.

Documentaries such as “Maxed Out” and “In Debt We Trust: America Before the Bubble Bursts” provided some insight before the financial crisis of 2008. The documentary “Inside Job” looks back & explains how the crisis occurred. WikiLeaks’ releases will likely add more meat on the bone, more depth to our understanding about how Wall Street truly operates.

You think I’m picking on the big banks? Well, keep this in mind. The financial crisis in Iceland was caused by Iceland’s BIG BANKS. The financial crisis in the Republic of Ireland was caused by Ireland’s BIG BANKS. And the source of the crisis here in the United States? You guessed it, the BIG BANKS (along with AIG).

Of course, in this country, the debate is not so simple. Some blame the Community Reinvestment Act for forcing the big banks to make risky loans to low income people (let’s not forget the usurious interest rates charged & those pre-payment penalties). Others asserted it was the repeal of the Glass-Stegall Act in the late 1990s which removed the barrier separating investments firms from consumer oriented banking. (I wonder if there are similar debates in Ireland and Iceland).

WikilLeaks, please don’t disappoint. Please press forward with those leaks about Wall Street.


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