Part 2: WHY DEREGULATION IS ONE OF THE TWO GREAT CAUSES OF 20 MILLION AMERICAN FAMILY HOMES BEING WRONGFULLY FORECLOSED ON SINCE 1999 AND WHY 10 MILLION RETIREES MAY NOT BE GETTING THE PENSIONS THAT THEY WERE PROMISED
I'm afraid these don't grow on trees...You've got to pick a pocket or two
You've got to pick a pocket or two...Boys!
You've got to pick a pocket or two.
Large amounts don't grow on trees.........You've got to pick a pocket or two
Why should we break our backs? ............Stupidly...... Paying tax?
Better get some untaxed income...............Better pick a pocket or two.
You've got to pick a pocket or two...Boys!
You've got to pick a pocket or two.
Why should we all break our backs?.........Ya better pick a pocket or two"
The song "Pick a Pocket or Two" from the musical "Oliver"
by Danny Hammond
We ended up yesterday with the smart guys of 1933 putting together a new set of financial regulations to replace the old deregulated financial regulations (Which I call the no rules and no referees rule) that had replaced some good regulations. Yes, they all could sleep soundly now that the "Scoundrels of Wall Street" were playing the game with the new regulations (rules) which were being watched by new regulators (referees).
In fact, the simple but strict Glass Steagall Act of 1933 kept four generations of American families safe. There were blowups along the way, but nothing like the financial firestorm of the 1929 Stock Market conflagration. For 66 years this Act stood steady as a rock. The Act was always under attack by the believers in what we call "Supply-Side Economics" which the true believers (financiers and stockbrokers and rich people) explained over and over that would help all Americans have plenty of money. Supply-Side Economics means that if you don't tax the rich they will have more money and if they have more money the rich will spend it on stuff.
Since this stuff was made and sold by just plain old folks, then these plain old folks would make more money off of the taxes that weren't collected from the rich, than they would have made if they had gotten the tax breaks themselves. Does this sound familiar? and profoundly stupid?
That is because it is stupid, (The United States has debunked this faux-economic theory FOUR TIMES or more including 1999) but many economists (rich economists that wanted tax breaks I bet) kept hammering and hammering away with these economic theories.
The Good Ol' Glass-Steagall Act of 1933 just sat there watching the players and the regulators (referees) using the regulations (rules). Everything was working rather well. (Oh No!)
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