No doubt, many readers are following the widespread coverage of the efforts by President Obama and the US government to rein in the excesses of the big Wall Street banks via a new regulatory bill before Congress. What is not clear is whether this effort is sincere or if it is just a smokescreen to give the voters the impression that something is being done.
The first link cites President Obama as saying that “the cost of financial institution collapses should be paid for by the industry, not taxpayers.” If the financial regulatory bill actually does this, it would be laudatory; however, the GOP caucus in the US Senate is not convinced that Obama’s bill actually does what Obama says it will do, as the link notes. Evidence that at least some in the Senate are trying to cut down the power of the Wall Street Banks over the US economy is an effort by two Democrats in the US Senate which would require “breaking up the nations largest banks and limiting them to liabilities equal to 2% of US gross domestic output.” That would require the top six Wall Street banks to be downsized. If this regulatory bill actually cuts the power of the big Wall Street banks, it will be one more step on the way to fulfillment of biblical prophecies in Revelation 17-18 that the cozy corporate-governmental system of corruption called “Babylon the Great” (see Revelation 18:2-3) may be heading closer to its fall. But there is also evidence that no real change will result from this regulatory effort. I’ve seen media stories that report the new regulatory bill would require all derivatives to be regulated (a long-overdue and necessary action), but other media reports state that only “most derivatives” would be regulated. This leaves a huge loophole for more corporate secrecy and self-dealing if that is the case. Also, no article has disclosed whether past derivatives would be reported and regulated or if it would only apply to future derivatives transactions. If all outstanding derivatives do not come under regulatory control, then the regulatory bill would be a joke, in my opinion. Also, some articles indicate the regulatory bill would place “watchdog” agencies under the supervision of the US Federal Reserve Board. If that happens, then I’m convinced the regulatory bill is a joke. The internet has sites which state that the Fed is actually a private bank owned at least partially by some of the very Wall Street banks it is supposed to “supervise.” If Congress gives the Fed that power, it will give the fox the power to guard the henhouse.
The SEC is the agency which has sued Goldman Sachs for corruption, but how serious is it about pursuing crooks on Wall Street? It is the SEC which went out of its way to not prosecute Bernie Madoff for corruption even though the SEC was given ample data about Madoff’s ponzi schemes for years. The second link reports that SEC staffers are themselves under investigation for surfing porno websites while on duty instead of doing their jobs, so the SEC’s own reputation for probity is at a rather low point. It is possible the SEC’s actions vs. Goldman Sachs are “for show” instead of intended to do anything serious. The third link reports that Goldman Sachs may be facing many lawsuits for years to come, and not just from the SEC. Shareholder suits and other class-action suits from investors may be filed against Goldman Sachs, whatever the SEC does. The reputation of the big Wall Street banks keeps taking hit after hit. The fourth link details that the big banks which received TARP funds, instead of giving out more loans to stimulate the economy as the TARP program was intended, actually loaned out less money while giving themselves fat pay raises. That revelation reeks of an arrogant attitude that will anger many investors and nations around the world.
To get a global perspective on how much trouble the Wall Street Banks are now in, I urge you to read the fifth link, which offers a wide-ranging exposé on the depth of corruption that permeates all financial markets. It predicts that the US dollar will decline substantially and that the gold price will spike upward. It also states that other nations are getting very angry at the financial corruptions on Wall Street and in the UK financial markets as well. It states that Germany is becoming the “spearhead” of international efforts to expose the corruption in the financial markets in the USA and the UK, and that China is also getting quite frustrated as well. Revelation 17 prophesies that our modern global financial system called Babylon the Great in Revelation 17-18 will be overthrown by the coordinated actions of an alliance of nations and entities prophetically called “the seven heads and ten horns” (see Revelation 17:9-16). That international disgust at Wall Street is already in evidence. We do not know how soon those “seven heads and ten horns” will take action to overthrow Wall Street’s dominance of the global economy, but it is only a matter of time. The arrogance of Wall Street’s barons is hastening the demise of Babylon the Great. Proverbs 16:18 warns that “pride goes before destruction, and a haughty spirit before a fall.” Wall Street’s titans have been very prideful, haughty and arrogant,and the entire world is now getting angry. It is only a matter of time till Wall Street’s “Masters of the Universe” learn the immutability of the Divine principle in Proverbs 16:18. Their fall is drawing nearer.
[As a post script, a future blog will detail more information about the extent of Wall Street’s corruption and the complicity of at least one US government agency in that corruption. The US Big Media are covering up an explosive story so the American citizens have not found out about it. However, the “big players” around the world know about it and they are angry. Those who have recently donated at least $30 to support his website’s costs have already received information about this story as I provide current bonus and advance links to those who support this site with periodic donations. However, all readers will see this information soon.]
http://www.usatoday.com/money/industries/banking/2010-04-23-obama23_ST_N.htm
http://www.foxnews.com/politics/2010/04/23/republicans-slam-sec-porn-surfing-report/
http://abcnews.go.com/Business/banks-receiving-government-aid-cut-loans/story?id=10443181
http://www.financialsense.com/fsu/editorials/willie/2010/0422.html
