Courtesy of Pam Martens
New York Stock Exchange Trading Floor
As most folks know, the fate of the Biden administration, the fate of the nation, and the future of millions of Americans about to become homeless through foreclosures, evictions and their businesses shuttering as a result of the pandemic – thus creating lots of distressed real estate debt for hedge funds and Wall Street speculators to scoop up on the cheap – hangs on the outcome of two U.S. Senate races in Georgia slated for January 5.
Those January runoff elections in Georgia resulted from the outcome of the November 3 election when incumbent Republican Senators David Perdue and Kelly Loeffler (who was appointed to her Senate seat by Georgia Governor Ben Kemp) failed to get more than 50 percent of the vote. The two candidates are now facing tight races against their Democratic challengers in Georgia. Perdue is facing off against Jon Ossoff while Loeffler is pitted against Raphael Warnock.
If Democrats win both seats they would take control of the U.S. Senate, now controlled by a Republican majority. Democrats already control the House. That would enable Democrats to back Biden’s policy agenda and break the current logjam in getting anything done in Congress for millions of struggling Americans who have lost jobs and businesses as a result of the COVID-19 pandemic.
Loeffler is married to Jeff Sprecher, the CEO of Intercontinental Exchange (ICE), the parent of the New York Stock Exchange. Loeffler was, herself, an executive at the New York Stock Exchange prior to her appointment to the Senate. She was negatively critiqued in the New York Times for the haul of money she was rewarded when she left to join the U.S. Senate.
As exposed in the Michael Lewis bestseller, Flash Boys, and characterized by Jonathon Trugman as “a high-priced, high frequency brothel,” the New York Stock Exchange has devolved into a wealth transfer scheme for the one percent. The New York Stock Exchange allows high frequency traders to co-locate their computers next to the stock exchange’s main computers so they can gain a speed advantage over other customers at a monthly cost that only the richest hedge funds and Wall Street trading houses can afford to pay.
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