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Morning Sun
  • LETTER TO THE EDITOR: Wall Street has the power

  • Dear editor,

    In January 1951 when The Saturday Evening Post asked bank robber “Slick” Willie Sutton why he robbed banks he said, "that's where the money is".

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  • Dear editor,
    In January 1951 when The Saturday Evening Post asked bank robber “Slick” Willie Sutton why he robbed banks he said, "that's where the money is". Now I wouldn’t be so bold as to compare politicians to bank robbers, but they would say the same thing if asked why they look to the corporate world, especially Wall Street banks for campaign contributions. The connection between corporations, Wall Street banks and politicians is, of course, money. The political class claims they aren’t influenced by it, and they may not think they are, but their donors think they are. They don’t give their wealth away without some expectation of legislation benefiting their interests. Wall Street banks are again too big to fail and will be “bailed out" if they risk the money they control and take the economy down again. Most of you may not have recovered like Wall Street has, with record highs on the Dow Jones and the S&P 500. Most people never do completely recover from recessions. The president’s proposed bank regulations were greatly weakened before they were passed, so the legislation has few teeth and not much bite. The main reason is that Republican and Democrat Senators and House members accept so much campaign money from the Wall St. banks that they can’t support tough regulation. Democrat Senator Dodd and Democrat Representative Frank who wrote the Dodd-Frank bill have left office. No, politicians aren’t bank robbers. They are more like trick or treaters without masks and with large bags.
    Albert Newland
    Pittsburg
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