The current exchange rate of U.S. sponsored war and Krugman strong emotional Nguyen criticism, the interpretation of Daniel Blanche Flower pessimistic about the U.S. financial regulatory reform stance. In fact, the root of the crisis is not unknown. Basis for decision-making on the rise, the knowledge about causes of the crisis inevitably be politicized manipulation. The study found that income disparities will not only lead to economic imbalances, but also lead to political imbalance. When expanded to the imbalance of economic vested interest groups from using their control of economic resources can be easily captured by decision-makers around or when economic imbalances is not balanced with the political will and a vicious cycle, any attempt to break this cycle of reform will be encountered strong resistance.Well-known American political scientist 罗伯特达荷 (RobertDahl) that income and wealth inequality may have other inequality. Idaho, in his bookYale University scholar Ruth Jane Anderson (BruceJudson), believes that the U.S. income gap between rich and poor divide has been reached with the Idaho said irreversible stage. He published in 2009Because once politically balanced to achieve U.S. Brookings scholar, Vanderbilt University Law School Professor Margaret Blair (VanderbiltUniversityLawSchool, the believes that in the past few decades, the financial industry and other industries income gap is widening between. Financial sector, the proportion of the total national income and wealth is too large, the most troublesome aspect is that they use that wealth to influence policy and to resist reform, deregulation has exacerbated the gap. In this sense, income inequality is likely to continue, because they are more power and influence regulatory agencies in Washington. These people obstruct reform through political influence and promote the deregulation legislation, while deregulation has further exacerbated the financial sector leverage over the use of U.S. households over-indebted, more excessive risk-taking financial innovation, and thus create more asset bubbles and illusion wealth. Able to obtain from the financial industry a greater share of income and wealth, further exacerbating the income gap between rich and poor, deepening social crisis and political crisis in the United States.According to Blair's research, financial innovations have led to the abuse of leverage, the formation of asset bubbles, cover up excessive debt, and gives the illusion of increasing wealth, which creates two results: First, the financial industry wages, expenses and bonuses in the form growing share of national income received in 2007, the financial sector share of GDP remained at 1980 levels, while the financial and insurance industry is the proportion of income peaked in that year,discounted louis vuitton handbags, accounting for 7.9% of GDP, while in 1980 only 4.9%. In other words, in 2007 the financial sector took more than 3 percentage points, roughly $ 412 billion, compared with 1980, equivalent to the hands of every American a $ 1,moncler outlet online,365 transfer of wealth to the financial industry people. Financial sector compensation per employee per year from 1980 up to $ 20,000 $ 100,000 per year in recent years (including the Secretary and staff). This expansion of the income gap continued to expand during the bubble does not cause people to question its legitimacy. Because inflation can make capital gains, financial industry practitioners throughout the bubble period, are able to demonstrate their management portfolio generated much higher than book income to pay them compensation, investors willing to pay high fees, salaries, commissions and bonuses. As long as the bubble does not burst, creating the illusion of value let investors to accept higher leverage, the financial industry practitioners to obtain particularly favorable return on legalization; Second, the economic bubble and the collapse of the cycle to repeat the effect, promoting the financial industry has become a pay rise gear, and further expand the wealth and income gap between the United States. According to Federal Reserve statistics, from July 2008 to March 2009, the United States lost 3.4 trillion of real estate wealth. This is roughly equivalent to every American family $ 30,300. Same period, U.S. stocks lost 7.4 trillion of wealth, according to Federal Reserve statistics, in equal shares to each American family about $ 66,200.Wall Street master's enormous wealth in financial reform legislation into a huge political energy. According to statistics, in the past 10 years, the financial sector in influencing Washington to spend more money than any industry, reaching $ 3.9 billion. In the process of financial reform legislation, the financial industry to prevent and reduce financial reform efforts, in 2009 and spent the first quarter of 2010 on lobbying expenses as high as $ 1.3 billion. According to a U.S. non-governmental organizations (Ameri-canforFinancialReform) statistics, financial reform law in the legislative process, the financial industry in 2009 spent on lobbying in Washington for the $ 465 million more than in 2008, $ 8.0 million. In other words, a day of lobbying expenses in 2009 were $ 1.4 million, members of Congress who spent the money for each $ 1 million. Financial sector employs a total of 70 members of Congress and 940 former federal employees to lobby on its behalf.Wall Street's six largest banks - Goldman Sachs, Bank of America, JP Morgan Cai thinking, Citigroup, Morgan Stanley and 威尔斯法戈 (WellsFargo),Louis Vuitton agenda, is mainly responsible for these lobbying activities. The six large banks and their control of the Association employed a total of 243 lobbyists. These people are in the past, the federal government, 202 are former Congressional staff, the rest of the White House, Treasury and the relevant federal agencies, each bank has the equivalent of 44 lobbyists. These personnel, including 33 former executives, 54 staff of the House Financial Services Committee and the Senate Banking Committee staff (or current members) and 28 legislative director. They are able to heavyweight in the Senate and House members behind to influence people. Senate Banking Committee Chairman Christopher Dodd has five staff members to act as a big bank lobbyists, Richard Chebbi Banking Committee member Chuck Scarborough and Tim Johnson, Moore and everyone has four former staff members and lobbying for the big banks. Six banks and associations from the Federal Reserve when Bear Stearns rescue, the cost of lobbying and influence in Washington (through lobbying, political contributions, the association of political public relations activities) costs reached $ 600 million in size. 2010, Kim entered the final sprint stage reform law (the two chambers during the coordination and finalized), the financial industry to enhance the lobbying campaign. In the first quarter of 2010, the largest 25 banks spent a total of $ 11 million increase over the previous year by 5%.In addition to strong lobbying, the U.S. financial industry also uses mid-term congressional elections in 2010 members of the United States to exert influence. In 2008, the finance, insurance and real estate industry, competition for mid-term election of 2010 candidates in the election to spend a record $ 475 million donation. 34 proposed weakening consumer protection from the financial industry, a total of House members in 2009, received a $ 3.8 million (according to data provided by consumer organizations) of political donations. December 2009, the House Committee on voting, because the bill allows the state regulations on consumer protection than the federal government to take more stringent standards, Illinois Congressman Merry Shabin (MelissaBean) threatened to block the bill, unless the Act expressly provides that the federal consumer protection laws prevail over state law(This is required by the financial sector, which aims to exclude a higher consumer protection standards on the applicable state law). After it was revealed, Penn in 2009 for its mid-term elections from the financial services industry received a $ 393,000 contribution, is the half of the total campaign funds raised.Wall Street's financial reform legislation of the silver bullet campaign had a tremendous impact, forcing the Obama administration and Congress on many key issues, such as consumer protection, regulatory reform and other derivative transactions to compromise again and again, the financial reform greatly reduced. Dispute Volcker rule, and ultimately was relieved of bank nearly 12 years to finally give up the self-employed business and hedge fund investments, the bill calls for 39 to study the issue, from how to reform the credit rating agencies to the concept of proprietary trading definition, when a question was included in further research, it usually will not be mentioned again.
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10-14-2011, 12:50 PM
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