Robert Reich: The Remarkable Political Stupidity of the Street [View all]

[marmar]

Published on Saturday, December 10, 2011 by RobertReich.org
The Remarkable Political Stupidity of the Street

by Robert Reich


Wall Street is its own worst enemy. It should have welcomed new financial regulation as a means of restoring public trust. Instead, it’s busily shredding new regulations and making the public more distrustful than ever.

The Street’s biggest lobbying groups have just filed a lawsuit against the Commodities Futures Trading Commission, seeking to overturn its new rule limiting speculative trading.

For years Wall Street has speculated like mad in futures markets – food, oil, other commodities – causing prices to fluctuate wildly. The Street makes bundles from these gyrations, but they have raised costs for consumers.

In other words, a small portion of what you and I pay for food and energy has been going into the pockets of Wall Street. It’s just another hidden redistribution from the middle class and poor to the rich. ...............(more)

The complete piece is at: http://www.commondreams.org/view/2011/12/10-6