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"In my view, the business model of Wall Street is fraud."
So said Bernie Sanders in the New Hampshire debate, as never had Wall Street been described to succinctly and accurately.
Basically, their job has been and still is the packaging of junk securities, whether it be stocks selling at 100x P/E, junk bonds, sub-prine mortgages, worthless energy partnerships, or whatever they dream up of, still it to an unsuspecting public, and skimming their profits off the top. A worthless, corrupt business that is designed to funnel money from the working families to parasites and freeloaders. And unlike other fraudulent business, this one has the full banking of government so no one goes to jail. The Fed provides the money to finance the toxic business and Wall Street provides the legs.
The thing is, he is now polling ahead of Republicans and is tied with Clinton with this message. People are waking up and understanding the economics of this country. Hopefully, this leads to major changes especially the way Banks are ruin for the benefit of the top 1%.
He also points out how only the top 1% have benifitted from the glorious years of QE and how NAFTA had stripped out country of all three well paying jobs as mega-corporations build plants wherever governments tolerate slave labor. Interest economic messages now being heard by millions upon millions of people.
Put the cause of economic Bubbles and crashes where it belongs.
'Wall Street' is a single entity with one business model?
Pretty much, as Sanders describes it. Wall Street just puts together a story about some junk financial instrument and sell it as a "high yield" investment. Easy to find customers in a desperate public looking to avoid negative yields. The Fed greases the path to high yield, junk, addiction.
Welcome to the new world order. Policy makers & the ultra rich are in bed together. I think the poor, middle class and even the upper middle class will continue to become serfs. Poverty, government assistance, poor credit and lack of jobs is sadly becoming the norm.
The poor get paid off with bennies. It's really the middle-class that gets the continual shaft.
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