The Mankato Free Press
---- — The propane shortage and unprecedented price jump reflects the stranglehold Wall Street has had on America.
The economic woes and outright destruction of our productive economy can be identified as caused by the invisible hand of Wall Street. One could characterize the ongoing crisis as “too big to fail banks” financing hedge funds that are buying up America on the cheap and looting everything and everyone in sight with no regulation to stop their stealing.
Take the case of Kinder-Morgan, the Houston hedge fund established in 1998 that coincided with the take down of the 60-year Glass-Steagall federal bank regulation law. Immediately, Wall Street began pouring money into Kinder-Morgan as they were aggressively buying pipelines and petroleum terminals.
Today, Kinder-Morgan controls 82,000 miles of North American pipelines and numerous export terminals. One takeover was the Cochin propane pipeline with terminals in Mankato-Eagle Lake and Benson.
In September, Kinder-Morgan secured a presidential permit to reverse the Cochin flow and end the Edmonton, Alberta, to the Midwest flow of propane. In March, propane will stop flowing in the Cochin. Some $250 million of Wall Street and Kinder-Morgan money will terminate southern Minnesota’s primary propane supply.
What recourse do citizens have? Never have customers experienced such a domestic shortage.
Sens. Amy Klobuchar and Al Franken only need to endorse the reinstatement of Glass-Steagall bank regulation and then promote its passage.
Glass-Steagall bank regulation will again end Wall Street tyranny and give citizens our country back. If Klobuchar and Franken don’t ask to protect their constituents, then they are apologists for Wall Street and the destruction and looting of America will continue.