Keiser Report: Economic Melt-Through (Video)

Max Keiser


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Regulators exist to ‘serve the banks,’ next House finance chairman declares

Sahil Kapur
Raw Story

Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks.

"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," Bachus told The Birmingham News in an interview.


The Republican leadership last week designated Bachus the next chairman of the powerful House Financial Services Committee, which is tasked with overseeing banks, financial markets, housing and consumer credit.

Democrats characterized the remark as a Freudian slip, nicknaming the Alabaman "Big Bank Bachus" and claiming the new Republican-controlled House will put the interests of financial institutions ahead of the American public.

"Congressman Spencer 'Big Bank' Bachus has given Americans a startlingly honest answer about the House Republican agenda – do whatever is good for the big banks and Wall Street special interests, rather than what’s good for hardworking Americans,” said Jesse Ferguson, a spokesman for the Democratic Congressional Campaign Committee.

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The Federal Reserve is a Ponzi Scheme, Looting is an Inside Job

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Wealth inequality rivals the months prior to the Great Depression

My Budget 360

The official announcement that the recession is over underscores the massive disconnect between Wall Street and the rest of America.  Wealth inequality in America is at levels last seen right before the Great Depression ravaged our economy.  Yet the inequality has grown even more intense as this crisis has gone forward.  43 million Americans are now classified as being in poverty.  This trend hasn’t shifted in the last decade, recession or no recession.  The system is absolutely flawed and that is why we have over 16 percent underemployment, 41 million Americans on food stamps, 4 out of 10 workers in low paying service sector jobs, the median household income falling under $50,000, record monthly foreclosure filings, and yet the recession is over according to a small group of economists.  The recession may be over for Wall Street but the rest of America is still struggling.

Wealth inequality has been exacerbated by the casino like behavior of investment banks on Wall Street.  A recent study shows how out of touch with the facts most Americans are when it comes to wealth inequality in their own country.  One fascinating finding is that most Americans, even between those that make $50,000 and $100,000 actually envision optimal wealth distributions that are very similar:

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