Perhaps half a loaf is better than none, but Carney began his piece suggesting that those who credit the Ryan insider trading story have fallen under the influence of “liberal fantasies.” Yes, he bought Goldman while selling Citi, but the quick second Citi sale was anomalous. Congressman Ryan, by Carney’s own admission, plainly broke from his routine on September 18, 2008. You could perhaps try to save appearances by hoking up some tale about more complex price movements that could justify what Carney concedes is a departure from the pattern. Good luck with that.
Reinstating Glass-Steagall is absolutely necessary, and you can can ask Congress and President Obama to do just that right here.
But I’m all for even greater precautions to end conflicts of interest, like requiring federal government fiscal decision-makers – including federal court judges – to convert their investment portfolios to U.S. Treasury investment offerings for the duration of their employment, with the restriction continuing should the former fiscal decision-maker become a lobbyist or the employee of a federal contractor (or a law firm representing lobbyists or federal contractors).
I can’t imagine any greater “stimulus” for putting financial institutions in their place (which isn’t running the Fed), undoing competition-killing mergers, ending porkbarrel legislation, ending corporate welfare, ending endless wars, ending thousands of other everyday evils … including a mainstream media that lies for a living.
With only Treasury investments to ensure their future financial security, the only prize our public servants would have their eye on is a thriving economy … they’d even work together to achieve it, listening to anyone and everyone that had a better idea, following other country’s more-workable leads without hesitation when it comes to crazy-expensive “institutions,” like the death penalty.
Holding T-bills instead of Goldman or Citi stock, even Paul Ryan would learn to really listen …
“Paul Ryan’s love of Rage Against the Machine is amusing, because he is the embodiment of the machine that our music has been raging against for two decades. Charles Manson loved the Beatles but didn’t understand them. Governor Chris Christie loves Bruce Springsteen but doesn’t understand him. And Paul Ryan is clueless about his favorite band, Rage Against the Machine.”
Rage guitarist Tom Morello also said: “My hope is that maybe Paul Ryan is a mole. Maybe Rage did plant some sensible ideas in this extreme fringe right wing nut job. Maybe if elected, he’ll pardon Leonard Peltier. Maybe he’ll throw U.S. military support behind the Zapatistas. Maybe he’ll fill Guantanamo Bay with the corporate criminals that are funding his campaign – and then torture them with Rage music 24/7. That’s one possibility. But I’m not betting on it.”