Wall Street Rigs The Game For A 25-Year Crime Spree

• During the 2008 financial crisis, gas prices skyrocketed, overwhelming the payrolls of many businesses. Political leaders like Sarah palin blamed environmentalists who wouldn’t let the US drill offshore or on public lands.

• In reality, Wall Street speculators were making huge, unregulated bets on gas just as they had done on mortgages.

• Wall Street was allowed to make these bets because Phil Gramm inserted an amendment into the Commodity Futures Modernization Act that was written by lobbyists for Enron, Goldman Sachs, and the Koch Brothers (funders of the Tea Party.)

• The legacy of Ronald Reagan and deregulation is that Wall Street has taken us through a steady 25-year spree of criminal behavior; savings and loans, tech-stock bubbles, accounting fraud, and mortgage industry collapses.

• Reagan’s message of “Government Bad, Private Sector Good” became so ingrained that by the time Bush came to office, Wall Street was immune from prosecution.

• The Tea Party is largely concentrated in the nation’s poorest states which are most easily harmed by high gas prices. The Tea Party is also funded by the Koch Brothers, who are among the world’s top speculators responsible for artificially driving up gas prices. Yet the Tea Party protests against the kind of regulation that would rein in the Koch Brothers and stabilize prices.

• Wall Street speculators created artificially high prices that Republican politicians blamed liberals and environmentalists for. Then they argued for expanded drilling and the Keyston Pipeline, projects that will do nothing to bring prices down.

How Wall Street and Washington Conspired to Spike Gas Prices