Friday, September 26, 2008

Congress Republicans and Democrats Strike Pose

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.


c hoyt said...

I recall Greenspan sounding alarms in 2004 about the amount of ARM's contracted. And how about the repeal of Glass-Stegall in 1999? It was proposed by our buddy Phil Gramm and ok'd in a bi-partisan vote in congress and then signed into law by our other buddy Bill Clinton.

How about all the Dems and Repubs during the late 90's and early 00's who wanted to see that "every American" who couldn't afford a house "could afford a house" in magical sub-prime loan land? Remember that dialogue? I do very well.

How about the SEC in 2004 ok'ing leverage from 10 - 1 to 40 - 1.?

I'm tired of the politicsal BS just like everyone else. This whole affair is the result of two idiotic parties and their elected idiotic members. Unfortunately there is nothing on the ballots that indicate "idiot". And now we have some of Wall St. lobbyists' best buddies like Dodd and Frank working out the details.

Merle Widmer said...

Right on, C. Hoyt,

Changes are a-coming. Many of us if stll alive will not like many of changes more radical than we are seeing now.

Sounding alarms and not having enough power to force any action is one thing.

Sounding alarms and having the power of the executiVe office and Congressional leaders like Chris Dodd and Harry Reid and others you mentioned and not using this power is a glaring TRAGIC fault of our political system.

No politician ever wants to upset their major contributors. Without enough money they ususally can't get elected or reelected.

Money is the source of most evil. Even in the hearts of well-meaning politicians. They should spend a couple of minutes a day looking questionalbly at their faces in their mirrors.