Never before has Wall Street been so able to do whatever they want, with no one paying attention.
not all. just the big banks
Actually, they’ve been doing pretty much whatever they want all along; it’s just never been this obvious before.
They’ve been able to do what they want since the repeal of Glass-Steagall. The fact that they’re powerful enough (read: they can buy enough politicians) to prevent the re-instatement of that law and the creation of further regulations to keep up with the financial unicorns, I’m sorry, products, they invent out of thin air is what’s appalling, but not suprising. Since the “financial crisis”, the big banks are bigger than before, and the derivatives market is as well. They’ll tank again, and we’ll bail them out again. That cycle will repeat until they go down so hard we can’t bail them out, and then we’ll be in another Great Depression, scratching our asses wondering how anybody could let that happen. But hey, at least we’ll be “pro-business” until then, free of pesky banking regulations that are anathema to our way of life.