Guest Post: 2016 Wishes - A President Who Doesn't Kiss Wall Street's Rear-End

Tyler Durden's picture

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Is there any hope that we might actually elect a president with the mandate and courage to take down Wall Street instead of kissing its rear end in humiliating obeisance?

The 2016 presidential election may be far away to those obsessed with the news cycle, but it's not too early to express one single hope: that we finally elect a president who doesn't kiss Wall Street's rear end every single day for four/eight years running. It's not difficult, folks; it's either/or. Either the President is willing to take down Wall Street or he/she is kissing Wall Street's rear end. There is no middle ground.

Either the next president issues an executive order (or whatever it takes) to enact these four administrative rules, or he/she is kissing Wall Street's rear end every single day of his/her administration.

1. Every position in any tradable security or financial instrument must be held for a minimum of one minute.

2. A transaction fee payable to the U.S. Treasury will be levied on every order when placed, regardless of whether it executes or not or if it is cancelled, of all tradable securities and financial instruments, including those privately exchanged: $1 for every transaction of less than $100,000 in value, $10 for every trade over $100,000 but less than $1 million, $100 for every trade over $1 million but less than $10 million, and $1,000 for every trade over $10 million.

3. All tradable securities and financial instruments must be marked to market at the close of every trading day. This includes derivatives, credit default swaps, mortgage-backed securities, etc.

4. All transactions must be transacted on public exchanges with a transparent bid/ask.

Order the F.B.I., SEC and other law enforcement agencies of the Federal government to prioritize enforcement of all existing securities and banking regulations.

Just four easy-to-understand simple rules. Without these rules, Wall Street remains the Monster Id of American ambition, a vast legal looting machine parasitically sucking the U.S. economy dry and distorting not just financial markets but the political process and the incentives and values that motivate every participant.

Here's a brief history of the past two presidencies. The chickens finally came home to roost for Wall Street and the banks in 2008, and President Bush had a golden, once-in-a-lifetime opportunity to expose Wall Street and the banks to real capitalism, i.e. you're insolvent, you go bust, your assets are auctioned off.

Instead, he obediently bent down and kissed Wall Street's rear end, approving trillions of dollars of taxpayer-funded bailouts. Oh dearie-dear, the ATMs might not work? Really? Then why does the FDIC have the power to take over busted banks and keep them operating while their assets are liquidated in an orderly fashion?

It was never about debt-serfs not being able to get cash from ATMs. It was always about saving the gargantuan fortunes of financier skimmers, scammers, parasites and predators.

President Obama entered office with a mandate to take down Wall Street and the Too Big to Fail banks. He also refused to expose Wall Street and the banks to real capitalism. He too has bent down and kissed Wall Street's rear end every day of his presidency.

It's not complicated, people. Either enact these four simple rules or remain on your knees kissing Wall Street's rear end. Either the parasites and predators have a free hand, and the incentives for corruption and legal looting remain firmly in place, or Wall Street is taken down by enforcing four simple rules--rules that have no impact on legitimate, productive companies and investors in those companies. These four rules would only impact financier skimmers, scammers, parasites and predators.

Is there any hope that we might actually elect a president with the mandate and courage to take down Wall Street instead of kissing its rear end in humiliating obeisance? The only way such a miracle could occur is if the voters demand it. Sadly, most voters are as morally blind as the people they elect; either they're complicit in the rigged casino (i.e. they're hoping to share in the spoils via their pension, IRA, 401K, etc.) or the corruption and rot has seeped so deep that the nation's moral compass is spinning aimlessly.

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Ignatius's picture

Yeah, this outa solve it.  Thanks, Charles

Jumbotron's picture

President's do not kiss Wall Street's ass.

Wall Street always has their thumb up the President's ass waving him around as a hand puppet.

"Look....look over here at the puppet and not at what I am doing with HFT and currency manipulation and MBS and CDO's.....etc....etc.....ad nauseum."

Vampyroteuthis infernalis's picture

I asking for something a little simpler. How about a competent president?

Buckaroo Banzai's picture

Ronald Reagan got shot for bucking the financial status quo. I'm pretty sure other politicians with presidential aspirations are aware of this.

Manthong's picture

 

Barak Hussein Obeisance - ” tending the plantation since 2008”

It has a nice ring to it.

Additionally,

“He too has bent down and kissed Wall Street's rear end”

..he is very good at bowing.

 

N2OJoe's picture

Mostly good ideas, but not the tax.

The LAST thing the USSA needs is more extortion money.

Thisson's picture

Agreed, except perhaps to the entent that there be a FEE for the cancellation of a bid or offer, with the proceeds set aside for victims of securities fraud and/or to fund FDIC payouts.

AldousHuxley's picture

Obama...nation's top lawyer still needs to work for money so he will always be kissing somebody's ass....just like the rest of us. Today it is wall street, but who wil be a better boss....legal industry? military industrial complex? educational industrial complex? healthcare industrial complex? how about good ole religious industrial complex?

 

only way to beat power is to divide it instad of leaving the seat void.

de3de8's picture

Obviously missing who's bread buttered by whom.

sessinpo's picture

Vampyroteuthis ...     I asking for something a little simpler. How about a competent president?

---

What if the President is competent and is doing exactly what is occuring now? And what if there are so many constituents that are either ignorant or dependent on that President that the President can get away with policies you disagree with?

sessinpo's picture

Vampyroteuthis ...  I asking for something a little simpler. How about a competent president?

---

A better question is, how about a competent public?

Drifter's picture

As much chance of that EO happening as hell freezing over.

Any presidential nominee regardless of party will kiss banker ass.

They won't get the nomination if they don't.

CHS is just another pie-in-the-sky dreamer.

BigJim's picture

Things are only going to change if we have a systemic collapse, or if enough of the electorate wake up and start voting politicians in that will start making some changes.

All we can do with regards to the former is prep; as for the latter, it is the duty of every awake and informed person to spread the word. CHS advocates both, publically and prolifically. What have you done lately, twat? 

ArkansasAngie's picture

Well ... if we keep saying it will never happen and don't do anything to make it happen, you are right.

But ... by golly ... voting is the preferred method of throwing the bums out.  

What we have to do is quit being wedged by social issues.  

I will not be voting for any incumbents

I'm feeling pretty lonely in this endeavor

SubjectivObject's picture

I'm with you, and that is the message I have been making everytime the opportunity presents.

If it's a war, weepeons need to begin with activism in current system at the local level.  Let the status quo make all the mistakes of oppression, as they did with the Ron Paul candidacy, defending their power, and put these be in the light as frequently as the current status quo propaganda.  This needs to be a generation's long war/campaign.  Going direct to guns or hoping a reset will work out in our behalf is an extremely wishful plan given their hold on capital, military, and police power.

Banner/lawn sign idea: 

Red Party / Blue Party
They All The SAME Party
Vote NO Incumbents

(maybe wishful thinking they know the meaning of "incumbent")

Two-bits's picture

And if you don't comply?

 

Any president who takes on the FED will join this list:

 

Jackson

Lincoln

Garfield

McKinley

Kennedy

 

Jackson lived, but these quotes sum it up well:

 

"The Bank is trying to kill me - but I will kill it!" Later he said "If the American people only understood the rank injustice of our money and banking system - there would be a revolution before morning..."

 

DeadFred's picture

My understanding is that Reagan, pre-Hinckley, was anti-banking. Strangely he changed his tune after getting out of the hospital and became a great friend of big finance.

Two-bits's picture

I didn't add Reagan because of the Hinkley-Bush connection, but I read similar info and believe, at least in part, that the attempt on his life had to do with the banksters.

jmc8888's picture

Jackson WAS Wall Street.  He was the crony who turned America from American to British, financially, and banking system wise.

 

Much of the rot today was started by Andrew Jackson, Martin Van Buren, and their British Empire handlers.

 

Don't forget they were involved with Aaron Burr, who of course killed Hamilton.  Also don't forget those who killed Lincoln, raised Teddy Roosevelt.   Because don't forget what the Civil War was really about was a foreign nation, Britain, trying to split America into two clandestinely.   Like we haven't seen this before a hundred times in other places.

Andrew Jackson was a traitor, a liar, a mass murderer of Indians with his own Bataan death march 'trail of tears', and set us up for ruin in this country.  The federal reserve could only be created without a functioning central bank.   Corruption charges were trumped up, and besides, if you want to get rid of corruption, get rid of corruption by trying the criminals.  Giving wall street and a bunch of foreign bankers control over your money supply, only set us up for far more ACTUAL corruption.

Andrew Jackson WAS Wall Street.

The rest of your list is right on though.  It's just sad to see the man who gave us the rise of Wall Street over America, on that list of being against Wall Street.   He wasn't. British owned U.S. Presidents like him and his other minions plus Wall Street (one in the same) gave us the civil war. They still infect our country today and are the root of so much of the degredation of the U.S.

Remember what they say about the election of '28.  It was the worst campaign ever.  Dirtiest campaign ever.  Wall Street wanted to win, and win they did.  The more things change, the more things stay the same.

If you want to get to the bottom of it all, or maybe it's just the start, google the following two items.

How Andrew Jackson Destroyed the United States.  -I suggest downloading the PDF.

The British Crown Created Green Fascism.    -Download the PDF.

Read those, and you'll understand how and why we are experiencing today.  Of course through today's means.

 

Glass-Steagall

falak pema's picture

Sorry but Larouche gobbeldy gook, all dressed up in gnomes and worms, makes we want to sneeze.

I think he belongs with the Lord of the Rings and Quidditch.

marathonman's picture

Umm, so how exactly does fighting against the British in the War of 1812 and beating them in the Battle of New Orleans put Andrew Jackson as a British puppet?? 

g speed's picture

888 ad infinitum

You have been informed by the uninformed and are therefore full of shit--sorry but someone needed to tell you.

Dr. Richard Head's picture

Exactly.  Remember the Dodd-Frank bill taht was supposed to hold these cockroaches accountable?

"In the end, our financial system only works –- our market is only free –- when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system. And that’s what these reforms are designed to achieve -- no more, no less. Because that’s how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions -– that it works for all of us.

This is the central lesson not only of this crisis but of our history. Ultimately, there’s no dividing line between Main Street and Wall Street. We rise or fall together as one nation. So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future.

And that’s why I’m so honored to sign these reforms into law, and I’m so grateful to everybody who worked so hard to make this day possible. Thank you very much, everybody. (Applause.)"

BHO

moneybots's picture

"In the end, our financial system only works –- our market is only free –- when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system. And that’s what these reforms are designed to achieve -- no more, no less."

 

GlasscSteagall was 40 pages, compared to Dodd Frank wich is over 2,000 pages, not to mention the bureaucratic follow on rules.  D F is not about basic rules. 

In addition, with the politicians in bankers pockets, some aspects of D F are being watered down.

On top of it, the market isn't free when it is being artificially pumped up to where it doesn't belong.

"So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future."

Not even close.

BigJim's picture

 "So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future."

Not even close.

Oh, I don't know. You just have to realise whom BHO was referring to when he said 'all of us'. 

yrad's picture

I will simply write in Ron Paul for the 3rd consecutive cycle. Yes, its pointless, but other than moving to Canada it's the only logical thing to do.

Hayabusa's picture

This story was a complete waste of time.  Contributions were just unchained making it even easier than

before to bribe our elected officials.  Our current and future president are but talking heads with Wall Street puppet strings attached to them... bought and paid for and under control.  I believe the author of the story forgot the "/sarc" addition to the end of his post... either that or he's been living in an ideological land of hoping things will happen that never will.

DeadFred's picture

Yeah, good luck. I see a 50:50 chance we never see another president. But I'm pretty pessimistic about America's chances in the near future.

Nemo DeNovo's picture

I fully agree, know there was a lot of talk about baby bush not leaving office but obongo seems to actually be putting into place the needed items to Stay in power, but YMMV

 

Nobody lives Forever....

Pairadimes's picture

"The only way to win is....not to play."

inky's picture

Qualifications needed for next president = can you pucker up.

American Dreams's picture

Charles you do realize that what you ask is a death wish for any president, past, present or future. 

Know your enemy

AD

PlusTic's picture

IMPOSSIBLE...you need to raise money for your campaign from thes very same ASSHOLES

booboo's picture

This tax would embedded into the cost of every stock and send the feel good market to new highs, mission accomplished.

Dr. Richard Head's picture

You know, freedom of speach and all! *jazz hands*

Georgia_Boy's picture

The tax just means you are still skimmed, just the government is now the skimmer. I'm not crazy about opening that door. (Paul Krugman's all about it, of course.) Would just the delays do the job against HFT?

Well OK I'll agree to it, as long as you make me the beneficiary of the tax. I'm holding Wall Street accountable, yeah that's it!

mijev's picture

Is it just me or is the number of zerohedge articles growing rapidly? Given that 80% of my interest in ZH comes from the comments, it's a bit distracting. Similar to my guitar effects unit where I have 300 average sounds but all I need are six or seven great sounds. 

 

As to the article itself, who wouldn't agree but none of us can enact such a law.

Cthonic's picture

Yeah overload, I wrote a python script to scrape the good stuff.

falak pema's picture

GWB's paintings of past leaders should be a reminder that those who don't kiss Oligarchy ass will look like the sinister Putin in Pax Americana Oligarchy eyes! 

When King Koch says :  I stand for liberty or death; you know that the Oligarchy sings : liberty for us the 0.001% and death for all those who play at being buckaroo heretics! 

booboo's picture

So your problem is free speech, but as long as the donor is a hungarian born former nazi youth rat bastard..... Got it.

falak pema's picture

Got your logic mixed up like those proverbial tits of Katherine Graham as that other Nixonian rat said in "All the Kings Men" ?

Free Speech needs NO DONORS. Remember the Pentagon Papers? 

To understand THAT just look at Snowden and all the others who sacrificed their lives.

Unbiased sentiment  is a clean witch that makes the dirty itch in the wrong places. You need to dump your mindset into the rubbish bin. 

booboo's picture

So your mom stills strokes a check for your broadband. Snowden? Right, no cost in terms of fiat for his disclosures since Greenwald fly's for free. You live in a fucking bubble if you think " free speech" if free. Get out more, there is a cost associated with everything, especially speech.

falak pema's picture

your perception of fact and objectivity is totally subservient to you knee jerks and emotional bias.

Snowden has done more to hurt and expose the US MIC/Spying machine; the most perverse expression of global power in this day and age; than anything anybody else has done in the past two DECADES.

When did I say free speech was free in terms of BLOWBACK. But facing blowback from the powerful requires ethics, faith and guts! 

So don't foul-mouth fact to upgrade your own street savvy fiction. Get out and around what?

Are you sitting on a merry-go-round paid for by the >Tea party quacks? 

If you want to troll that's your choice as you bring no fact or argument to the table. Just froth n bubbles. 

 

Accounting101's picture

No dumbass, that's not what was implied, but go ahead and play the tribal bullshit game. Obviously the criticism leveled at Koch hurt your political sensibilities. He's your oligarch, and because he gives droves of money to "conservative" causes, Koch is alright.

An oligarch is an oligarch. When they win, and they always do, you lose. Stop being a tool.

Harbanger's picture

They are all the same dumbass, get with the programming. Besides, what's a liberal to do without some straw man to hate?
Mindless goosesteppers always hate those who make their "stuff" available unless it comes from the Gov.

BTW, The liberal media controls NBC, CBS, ABC, CNN, Hollywood, pretty much every magazine, and newspaper.   The problem is clear, it's the koch bros, that's why I don't hate you for being brainwashed.

Accounting101's picture

Thank you for proving my point. Your dick got hard because somebody mentioned Koch in a negative way. He's your oligarch and you're his bitch.

Again, an oligarch is an oligarch, no matter if its the Koch's, Buffet or Soros.
They are parasitic and feed of the middle and lower classes.