Posts Tagged ‘swaps’

Regulating Wall Street’s Gamblers

April 26, 2010

Regulating Wall Street's Gamblers

“Over the last decade, the wealthiest Americans got richer by trading in the unregulated financial casinos on Wall Street.” — Senator Tom Harkin (D-IA).

“Once Congress deregulated the swaps market in 1999 it became a $600 trillion high-stakes casino for Wall Street to take big risks and bring our economy to the brink.”– Senator Maria  Cantwell (D-WA).

” … without action, we’ll continue to see what amounts to highly-leveraged, loosely-monitored gambling in our financial system, putting taxpayers and the economy in jeopardy.” – President Barack Obama.

“Wall Street’s a casino, so maybe state gambling laws apply,” Les Blumenthal, McClatchy Newspapers. (See an opposing view here).

(more…)