Reform Exposes Illegitimacy of Wall Street Profits

No.: 
81

The emerging bank reform legislation might be viewed in a singularly positive light if the reforms were not the byproduct of a skewed capital system that made several million Americans undeservedly powerful and rich while Congress slept. One could feel downright hopeful about the future of American banking if moral hazard had not contaminated the land. But too much polluted water has gone under the bridge. The good in the reforms is counteracted by the poisons that produced the need for remedial interventions. The attractions of the banking legislation now pale in the light of the overwhelming injustices embedded in the nation’s amorally skewed distribution of wealth. Consequently, this is a day for mourning, not rejoicing, since massive wealth gained by manipulative elites is not likely to be recovered for the public domain until the hand of God is eventually revealed.

Regardless of what critics say, the pending legislation is powerful and consequential. This legislation will reduce Wall Street excesses and make banking more sustainable. But how does this further justice? To what avail are improved business practices when they serve to ensure that the illegitimate wealth and power amassed by Wall Street over the last thirty years is not lost to the manipulators by future market meltdowns? How is this different than creating laws that allow robbers to stay out of prison and keep their loot?

Wall Street figures it will get away with illegitimacy because the rapid immigration of relatively unskilled, English-challenged people combined with the decline of quality education for the masses has left the American electorate ill-prepared to understand the capital infrastructure of America. While the financial killing that Wall Street intended to make prior to the 2008 crash will now come to Wall Street barons more gradually than they hoped, enough wealth has been filched to make the world essentially theirs. Wall Street elites have reconciled themselves to the reforms of Congress because new rules are needed to control the detrimental effects of bottomless greed among big money players — aspiring elites who care less about fraternal normative goals than elevating their own financial stature.

Few Wall Street elites have any fear of God. Indeed, the frequent illegitimacy of their wealth bears witness (in their way of thinking) that ‘might makes right,’ for if cheating produces wealth what can be better than cheating? Happily, millions of working Americans reject this kind of amoral thinking. Many people who retain a rational confidence in Almighty God believe that the goodness and justice of the Universal Divine will not long abide such wanton illegitimacy. Hence, much needed financial reforms that also serve to keep mega-bankers in their powerful roles are bittersweet for saintly-minded individuals.

There is cause for hope: As evildoers build their castle walls ever thicker to protect their ownership of unjust gain, the patience of the Universal Sovereign may grow paper thin. Once there is no honorable human means left by which to overturn globally hegemonic illegitimacy, then those who fear and honor God have good reason to believe the Almighty’s providential hand will move against illegitimacy wherever it is dominant. A global liquidation of evil may result. Could anything be more refreshing once the pain of calamities has passed?

The years of conquest by devious banking elites must come to an end. Virtuous citizens must do everything honorable to fight against plutocracy. Beyond this, the goodness and justice of God remains the best global hope. In the meantime (while waiting for the mercies of God), prepare for many more initiatives like banking reform that are aimed at repairing the world.

The world’s aspiring lords must remedy the dysfunctionalities sown for decades in law, medicine, education, government finance and other sectors — inefficiencies and complexities that have brought society into the kind of confusion and wasteful pursuits that facilitate conquest by those who promise to extract an ordered recovery out of chaos. Expect Congress, whether in the control of Democrats or Republicans, to dutifully and blindly step up to the task of regulating against various ills. Congress will see itself as fighting for the public good. In reality, Congress will be shaving off liberal excesses for the benefit of the realm’s emerging plutocrats. As political conservatism re-emerges, understand that it does so to conserve and consolidate the powers of the world’s elites.