The Squeeze Continues…
932,000 Americans dropped out of the labor force in October. That is the third highest increase in people falling out of the labor force in US history.
In a totally unrelated story, New York’s Fed Chief stated that big banks apparently have no respect for law:
The head of the Federal Reserve Bank of New York said Thursday that some of America’s largest financial institutions appear to lack respect for the law, a potentially explosive charge against an industry already roiling from numerous government investigations into alleged wrongdoing.
William Dudley, one of the nation’s top banking regulators whose organization helps oversee Wall Street banks including JPMorgan Chase and Citigroup, made the comment during a speech focused on the problems posed by banks perceived to be “too big to fail,” and possible solutions to correct them.
But in an abrupt turn, Dudley suggested that regulators may be stymied by “cultural” issues that have negatively affected the nation’s biggest banks.
“Collectively, these enhancements to our current regime may not solve another important problem evident within some large financial institutions — the apparent lack of respect for law, regulation and the public trust,” he said.
“There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” he continued. “Whether this is due to size and complexity, bad incentives, or some other issues is difficult to judge, but it is another critical problem that needs to be addressed.”
We continue to pay for the political consensus that protects criminal bankers while waging a war of austerity against the poor.
If there are no meaningful consequences for law breaking, then the law breaking will continue. Will it ever stop? Do people need to go to where these bankers live and burn their mansions down?