Wall Street Rolls Merrily Along

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Felix Salmon writes something peculiar today. He’s not too keen on the JOBS Act, a bill designed to loosen securities regulations on small businesses, and yet it’s gotten wide bipartisan support anyway:

I don’t fully understand the political dynamics here. A bill which was essentially drafted by a small group of bankers and financiers has managed to get itself widespread bipartisan support, even as it rolls back decades of investor protections. That wouldn’t have been possible a couple of years ago, and I’m unclear what has changed.

Felix! What’s unclear here? Dodd-Frank is the exception, not the rule, and even Dodd-Frank’s very modest rules are currently in the process of being eviscerated by human waves of Wall Street attorneys. Besides, a bill like the JOBS Act would have been eminently possible two years ago. In fact, in April 2009, a mere few months after the Great Meltdown, big banks successfully gutted a “cramdown” bill that would have allowed bankruptcy judges to reduce the principal owed on mortgages. And not only did they gut it, but they even got Congress to hand over billions in new bailout money at the same time. I guess they figured they were owed something for all the time and money they’d spent lobbying.

Long story short, nothing has changed. And that’s the problem.

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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