Our elected officials say on TV today that "We will not bail out Wall Street". I couldn't agree more. This mess did not happen overnight and it wasn't all caused by Wall Street and the Republicans. However, their role is not to be diminished.
Where were you "talented" Democrat and Republican politicians in D.C. the last few years? You talented politicians and your swarm of bureaucrats helped bankrupt a few million people and put millions of more retirees between a rock and a hard spot. You encouraged them to buy homes they couldn't make payments on let alone keep them up. Your failure to provide instruments of transparency in the market place caused individual investors to lose more than a trillion dollars. Yes, investors were also mis-led by analysts the likes of Jim Kramer and many stockbrokers; mis-led to make what appeared to be "relatively safe" investments. Now people are even pulling billions out of "safe" money markets".
I suggest the "good old boys and girls club" in D.C. will be sure that Bernanke, Cox and other keep their jobs. And Barney Frank, House Financial Committee Charirman and Charlie Rangle could rob a bank and still get reelected.
At least John McCain make and intelligent statement "for a responsible b-partisan agreement to protect homeowners (he should have said "unlucky" homeowners, not ones lacking any judgement who made stupid investments), tapayers (who had nothing to do with this mess), and small business owners".
I told you McCain was a "bit of a populist".
We will now see if our elected officials prevent a world wide recession......
Too late to fire Greenspan.