Best of the Week
Most Popular
1.London House Prices Bubble, Debt Slavery, Crimea 2.0 - Russia Ukraine Annexation - Nadeem_Walayat
2. Gold And Silver – 2014 Coud Be A Yawner; Be Prepared For A Surprise - Michael_Noonan
3.Sheffield, Rotherham Roma Benefits Plague, Ch5 Documentary Gypsies on Benefits & Proud - Nadeem_Walayat
4.Glaring Q.E. Failure Spotted - Money Velocity Is Falling Rapidly - Jim_Willie_CB
5.Don't Miss the Boat on Big Biotech Catalysts: Keith Markey - Keith Markey
6.Gold Prices 2014: Do What Goldman Does, Not What It Says - David Zeiler
7.Bitcoin Price Strong Appreciation to Be Followed by Declines? - Mike_McAra
8.Gold Preparing to Launch as U.S. Dollar Drops to Key Support - Jason_Hamlin
9.Doctor Doom on the Fiat Money Empire Coming Financial Crisis - Andrew_McKillop
10.The Real Purpose Of QE - It’s Not Employment - Darryl_R_Schoon
Last 72 Hrs
Gold and Silver - Counting Blessings and Tender Mercies - 20th Apr 14 - Jesse
The CIA Through The Looking-Glass - 20th Apr 14 - Stephen_Merrill
Gold And Silver - Gann, Cardinal Grand Cross, A Mousetrap, And Wrong Expectations - 20th Apr 14 - Michael Noonan
Nikkei Stock Market - Sell Japan - 20th Apr 14 - WavePatternTraders
America has Become a Police State - 19th Apr 14
Elite Herd Psychology And War By Default - 19th Apr 14
E.U. Officially Adopts the Bank Depositors Bail-In - 19th Apr 14
Goldman Sachs Is Highly Motivated To Low-Ball Gold Price - 19th Apr 14
Save MtGox - Bitcoin Important Implications of Going Down - 19th Apr 14
Stock Market SPX Topping Valuations - 19th Apr 14
Tesco Profits Panic! Back to Back £5 Off £40 Shop Voucher Promotions - 18th Apr 14
The Obama Game - Is Putin Being Lured Into a Trap? - 18th Apr 14
The Growing Threat to Capitalism - 18th Apr 14
Build Biotech Wealth on Solid Platforms - 18th Apr 14
Has Solar Power Finally Arrived? - 18th Apr 14
Bank Depositor Bail-Ins and Real Assets vs Liability-Based Assets - 18th Apr 14
10 Ways to Screw up Your Retirement - 17th Apr 14
One of Harry Dent’s Three Keys to Market Prediction is Cycles - 17th Apr 14
Obamacare Proof Stocks - 17th Apr 14
Gold, Silver And The Mining Sector: Prepare For A Severe Fall - 17th Apr 14
Hidden Australian Life Sciences Bio-tech Growth Stocks - 17th Apr 14
Disrupting Big Data Status Quo - 17th Apr 14
What the Stock Market Bears Have Been Waiting for... - 17th Apr 14
Copper Is Pathological and Suffers from SAD, but It Has Value - 17th Apr 14
Old World Order New World Order, Chaos And Change - 17th Apr 14
Even The US Government Will Abandon the U.S. Dollar - 17th Apr 14
Gold - Coming Super Bubble - 17th Apr 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

MF Global Financial Collapse is Obama's Hurricane Katrina

Politics / Credit Crisis 2012 Mar 25, 2012 - 06:32 AM GMT

By: Jesse

Politics

Best Financial Markets Analysis ArticleBill Black is interviewed on the Capital Accounts Show on RT.

I would be glad to show a video of Bill Black discussing important financial matters such as this on a mainstream US video program but there don't seem to be any.


There were a number of disturbing things in Gary Gensler testimony to the Congress about the role of the CFTC in this. Some of these things are discussed here.

I doubt very much that justice will be done at MF Global. The Banks have been getting away with everything they have done so far, up to and including the blatant stealing of funds from customers that were being held on account, and not even subject to active trading margin.

He can try to pass the buck on this, and there is plenty of company in this on both sides of the aisle and in the media. But the ultimate responsibility for the handling of this falls on Barack Obama and his Administration. It happened on his watch, and it was their job to make it right. That is price of leadership.

He can continue to ignore it, plead ignorance, and even make excuses, but at the end of the day he should be ashamed at how this was handled, and the Congress and the media along with him.

I can only imagine what they would be saying if the President was George W. Bush, and Jon Corzine was his leading Republican fund raiser. With a few notable exceptions, largely solitary voices, where are the so-called progressives on this? Hypocrites!

I do not expect to see justice done here. There are too many powerful people and interests involved, and justice, being truth in action and not words, is not en vogue for misdeeds of the TBTF financial sector. We are way beyond that with this generation of vipers that has infested the Beltway for the past twenty years.

I would just like to see the stranded customers made whole for what was taken from them, and their long anxiety ended, which is what has happened promptly in every brokerage failure that I am aware of post WW II, including Lehman Brothers and Bear Stearns. Oh no, you just don't understand. It is different this time.

Yes, because of who is involved. How naive do they think the people are? If the individual customers had not banded together and taken proactive legal measures, the system would have had their way with them. Almost all the good that has come of this wretched affair is due to the actions of the people in the Commodity Customer Coalition, and not those sworn to protect them.

"When bad men combine, the good must associate; else they will fall one by one,
an unpitied sacrifice in a contemptible struggle."

Edmund Burke

And the public relations campaign of spin, leaks, and misinformation that has enveloped this financial scandal since day one is an absolute disgrace and a failure of the greater part of the independent press.

So far they have ignored it. Next they will be ridiculing those who call for reform such as the Occupy Wall Street movement as ignorant and rabble. But reform is inevitable, it will happen, or there will be no sustainable economic recovery, and no peace.

This is Obama's Hurricane Katrina. And viewed not as an isolated incident, but in the context of all that has happened, it is an effect of the credibility trap that grips the nation's leadership, of both financialized political parties.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In providing information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

© 2012 Copyright  Jesse's Café Américain - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

larry wagner
26 Mar 12, 01:13
MF Global is Obama's Katrina

Agree with your article with one small exception. Occupy Wall Street has not said a word about MF Global to the best of my knowledge.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014