JPMorgan Chase, Goldman Sachs, Bank of America and the handful of other behemoths of Wall Street that dominate American banking — who needs them?
After enduring years of insatiable greed by the slick-fingered hucksters who run these gambling houses; after watching in dismay as their ineptness and avarice drained more than $19 trillion from America's household wealth since 2007 and plunged our real economy into the worst financial crisis since the 1930s Depression; after witnessing their shameful demands for trillions of dollars in taxpayer bailouts to save their banks and their jobs; and now after seeing them return immediately to business as usual, including paying multimillion-dollar bonuses to themselves — we have to ask: Huh!?!
Oh, no-no, cry the banking titans, don't even think of looking behind the curtain! Trust us, say these Wall Street alchemists, for we are essential to juicing the economy with our complex abracadabra investment schemes.
In fact, however, those schemes just move money around, spiraling real investment capital from the grassroots up to superrich global profiteers who create nothing but more wealth for themselves. Shell games at carnival sideshows are more honest than big-bank trading houses, for the hustles of such hucksters as JPMorgan, Goldman, B of A, etc. are based on financial illusions, off-the-books accounting, illegally leveraged borrowing, ridiculous tax subsidies and hide-the-pea secrecy.
The obvious truth is that these high-flying, high-tech, high-speed emporiums of high finance serve themselves, not us — so we have no obligation or need to keep serving them. Of course we need banks — to lend to us consumers and our productive businesses, to handle our commercial transactions, to manage our savings and provide financial advice, etc. But that's not what the leviathans of Wall Street do. Rather than keep protecting them, ...