Jesse is right. This country never does anything until the Crisis hits. Anyone with two brain cells knows our current path is unsustainable and the oligarchs are grabbing everything they can get their grubby little hands on before the collapse. I don’t trust that the change we get after the collapse will be for the good.
“…tombstone mentality, when you wait for a disaster before you put something in place.”
The CFTC is hampered and opposed at every step of the way by the financial powers and their exchanges, who unfortunately wield a powerful and well-funded lobbying effort that tends to lead the political element in Washington by the nose, or their wallets as you prefer.
I have come to believe that the US government will do nothing effective to reform the gold and silver markets and the equity exchanges until there is a MAJOR dislocation in the markets, and a virtual ‘run on the exchange.’
Change will come after the US financial system is threatened by a major solvency or liquidity event.
Whether it comes from a failure to deliver in gold and silver markets that exposes them as a highly artificial and overleveraged house of cards, or another ‘flash crash’ that brings down a major exchange or trading house through counter party failures, I now believe that this is what it will take to bring meaningful reform to this highly unstable financial system.
Change will be not voluntary with these greedy, self-destructive jackals, especially after the moral hazard that was introduced by the unfortunate policy of no-strings bailouts from the last financial crisis. That was a policy error of the first order.
Reform will be accomplished, but only under the duress of the next financial disaster.