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"Obama turns BP anger on regulators" is the latest news from the White House, really ?
I am flabbergasted to see that the Oil & Gas regulator who schmoozed for decades with the Oil & Gas industry and its lobbyists (read 'drinking champagne') is being hammered now that an oil spill, which had to happen someday if you think in terms of probabilities due to the lack of control, threatens the US coast.
You will tell me that it is normal that the regulators get hammered when the security measures in place were not even reviewed or audited, especially when so much is at stake. The price of the barrel is above 75 USD, oil is a valuable commodity, and I do not even talk about all the fishermen losing their income.
But it is not normal that one regulator failing gets the hammer, while another regulator failing gets the sweets. You know what I am getting at. The SEC, the Fed and the Treasury were supposed to monitor, review, audit and secure the financial industry that has been freewheeling without bounds, and they miserably failed. What did they get? A huge bailout package, Geithner was promoted to Treasury Secretary and Bernanke was re-appointed. What a joke.
Bankers have a job that is different from other jobs. Bankers are there to provide a means to an end, i.e. credit and other sorts of financial necessities for the industrial, commercial, and consumer world to function, grow and build prosperity.
If the industry is the muscle, finance is the blood, and bankers are the veins. In order to have enough blood to be delivered to the muscle, the loss of blood to feed the veins has to remain very small.
Unfortunately, the veins have outgrown the size of the muscles and the blood needs to feed the veins asphyxiate the muscle. Banking is not a means to an end anymore, it has unfortunately become an end in itself.
If you are part of the muscle tissue, you have been underfed for years, and don't expect it to change
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