Nader: "What Washington is not doing to prevent another round of greed and misdeeds"

I noted last month that Ralph Nader warned in 2000 that deregulation was about to turn Wall Street into an unregulated casino and that banks would eventually collapse exactly as they have. Given Nader’s foresight in 2000 (except perhaps into how his candidacy would tip that election), it behooves us to consider what Nader now terms “seven avoidance indicators which outline what Washington is not doing to prevent another round of greed and misdeeds by the Wall Street few against the innocent many throughout the country”. (Strangely, I found only six indicators):

  1. Where are the resources for comprehensive law enforcement against the Wall Street crooks, swindlers and purveyors of costly deceptive practices?…

  2. Where are the anti-trusters to revive the moribund divisions in the Justice Department and Federal Trade Commision?…

  3. What about Congress and Obama shifting some power [from CEOs & executives] to the investors and shareholders who are paying for all these losses?…

  4. The federal officials are talking up stronger regulation and re-regulation proposals but we have not yet been informed of their specific plans…

  5. By now, Washington should be devising ways to pay for these gigantic deficits and bailouts. A fraction of one percent sales tax on the hundreds of trillions of dollars in derivative transactions annually would produce hundreds of billions of dollars in revenue and tamp down some of this Wall Street gambling with other peoples' money…

  6. Our government doesn’t highlight not-for-profit institutions like the 8000 credit unions that are increasing their loans and continue to serve over 80 million Americans without a single insolvency.

Posted by James on Saturday, March 14, 2009