Main Street still losing the fight versus Wall Street

A year after the global financial meltdown began in Wall street, the tide has yet to turn in favor of the American public who suffered mostly because of the excesses of the behemoth banks. As shown on Al Jazeera’s documentary program “People and Power,” America’s Main Street still has a huge hurdle confronting them before a just and lasting solution toward recovery is realized.

When President Barack Obama was elected to office last year and promised change to be implemented in the financial system which would be pro-consumer, many thought the “evils” of Wall Street will finally be subdued. Unfortunately, for many Americans who has already lost their homes due to foreclosures, this effort by the current administration has hit a snag.

Financial institutions practically begged Congress last year to bail them out from their troubles which they themselves induced. Washington obliged through the TARP program thinking the move would allow banks to modify mortgages of their consumers, mortgages that forced out many ordinary American families out of their homes.

Wall Street, however, did not do their part of the bargain but instead is steadfastly lobbying in Congress to firewall any attempts of American consumers to protect themselves from similar scenarios. Others believe so powerful they are that they managed to convince U.S. senators to confirm Federal Reserve chairman Ben Bernanke for a second term in office. Vermont independent senator Bernie Sanders, who vehemently opposed Chairman Bernanke’s nomination, was even quoted in the press saying Bernanke was Wall’s Street’s guy.