It is good to see that our elected officials are once again using their impeccable timing to save us poor working class folks from being ravaged by the wealthy. There is only one small problem the ravaging has already taken place. These same idiots who supported less or no regulation of business and the markets particularly think that now there maybe a problem with letting corporations and lobbyist write their own legislation and regulations? I’m shocked. Ok folks let’s have a quick recap, the reason we have Medicare, Social Security, and child labor laws is because if given a chance the greedy bastards that are the captains of industry will run this ship aground every time for short term profits.
Mr. Paulson said the government was going to demand greater “transparency” from banks and Wall Street firms, stronger risk management and capital management and a better trading system for complex financial derivatives, such as collateralized debt obligations, that managed to transform risky subprime mortgages into securities with Triple-A ratings.
Senator Charles E. Schumer, the New York Democrat who is a member of the Banking, Housing and Urban Affairs and Finance committees, was both positive and critical about the proposals, saying in a statement: “The administration is finally moving towards where Congress was last year. The good news is, they’re beginning to put their toe in the water when it comes to government involvement to help the economy.
The bad news is, they’re going to have to do a lot more than that to address the problem. We need government action not only to solve the current crisis, but also to prevent a future one.” NY Times
So now that all the robberies have taken place the Keystone Cops in the Bush administration want to come in and close the barn door. But like as been stated many times by wiser folks than me, the cow is already out of the barn. The pillaging has been done and not only have they allowed it to happen, they are now in the process of rewarding the same people who drove our economy to the brink. This is similar to the CEO’s of the nations banks and mortgage firms getting raises for orchestrating the biggest economic meltdown according to ex-Fed Chairman Greenspan since WWII. So what is it going to take to wake up the American public to the lies being perpetrated by the wealthy and their political minions.
I once read that capitalism is expecting the greediest among us to do the right thing. Well guess what folks, they are not going to do the right thing. What makes it so bad is that the Bushies can orchestrate a “bail-out” for Wall Street overnight, but do you think they have any help in store for Main Street? Not a chance. So reward the very economic excesses that caused this debacle by bailing out the architects of it and leave those victimized by it to fend for themselves. Is this a great country or what? And rather than us taking to the streets to protest the inequality of these economic policies we sit cowering in our homes hoping that the next wave of lay-offs and foreclosures don’t have our name on them. In the mean time the people who not only have created this mess, but also have the most assets to weather this storm are treated to government intervention while this same government is pissing down our legs and saying not to worry we are on top of this.
I feel better already. The same clowns who removed the regulations and regulators now say they have a handle on this thing. I know according to Senator McCain how we end up stepping into crap is not important, but I beg to differ. If I don’t understand how I keep stepping into crap, guess what I `d better invest in a pair of hip-waders because I am going to find myself in heaps of it. The problem is simply this, we have been fed a bunch of BS by the robber-barons of today that more regulation will lead to more costs and lay-offs. Newsflash – How many lay-offs do you think are in the works now that the economy has been trashed by these clowns? The problem is not regulation. The problem is greed. It is the Government’s job to protect those who are weaker from those who are stronger. How many “Gilded Ages” do we have to go through to understand this?
False history gets made all day, any day,
the truth of the new is never on the news – Adrienne Rich
