Vermont Independent Senator Bernie Sanders “It is not the Congress that regulates Wall Street — It’s Wall Street that regulates the US Congress.”
Senator Sanders says the government is not regulating banks properly, which is pretty obvious when looking at the recent $2+ billion trading loss at JPMorgan Chase and the fact that there is a major conflict of interest when the CEO of JPMorgan Jamie Dimon also sits on board of the New York Federal Reserve, which is suppose to regulate the banks!
For those that are keeping score the Federal Reserve provided $390 billion in near zero-interest loans to JPMorgan–and the banks today are now even larger than before the bank and wall street induced global financial crisis, when they were bailed out by the Federal Reserve and Congress.
The Occupy movement and Senator Bernie Sanders are calling for sweeping changes at the USA’s largest financial institutions. The six largest banks in the USA currently have assets equal to 2/3 of the entire USA GDP, which certainly points towards a very large concentration of market share, monopolistic type-power and influence.
CNN contributor, Green journalist, photographer and activist. Mr Burridge’s travels have taken him to over 30 countries and 300+ major cities. He is originally from the USA, but has been residing in Australia for the last six years.