Why Is The GOP Against Financial Reform??? (McCain, legal, insurance)
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But the banks didn't do anything to you without government guidance. To be more specific, see how Barney Frank and some others in Congress controlled the home lending banks.
Absolutely BS! Barney Frank is a scapegoat and a diversion from reality. Wall Street even suckered AIG. None of this would have happened without a market that allowed for this new product. Big picture please...not some BS talking points.
Maybe Blind Sniper likes the idea of $50 billion ready cash set aside to bail out bankers and wall street again? Look at it this way, with the taxpayer cash already set aside there won't be a reason to involve congress and the spending (giving away) taxpayer dollars.
Sounds like a sweet reform and if I were a wall street banker or brokerage house I think I would be pushing hard for it. Kind of like Soros is. You know, George Soros the billionaire buddy of Obama's?
Let's have the reform but dump the idea of the free $50 billion.
$50 billion... with a population of 812,000 people that's enough money to give every single man, woman, teenager, child, toddler and infant $61,576.00 in cash! That's a lot of money. Republicans want to know "for what?"
The big banks tossed around CDO-squareds and other "exotic credit products" using tremendous amounts of leverage, then went screaming and crying to the government when their bets went sour, and their counterparties couldn't pay out on their credit default swaps.
I don't think they were forced to do any of this by anyone; it was their own brilliant "financial innovation" that led to the actual crisis.
The lending banks (Fanny and Freddy, Goldman), guided by Congress, offered home-loans to minorities and other folks who could not afford these homes.
Bascailly its not financial reform but the ideas of finaancial reform the democrats have proposed. Remeber the democratic stimulus that they psssed to keep unemployment at 7% and creat massive infrastructure imporvemnts? Then of course they had to have a jobs bill. Where is the beef? Have you seen one regualtor fired who wre responsible for regulating the fianancial. markets. There were sevne agencies and none have doen their jobs for deacdes. Certtainlnly if they couold see that madofff was not trading anything then they are clueless.They need to wipe out those seven agencies and get some component people in there and pay them what they are worth;which is alot considering what has been loss. those same types are actually the ones behind do the accounting with government spending with no results now.Where are the ehads in governamnt that have rolled who were responsible to protect the taxpayers ? There are none and they are setting up the same thing again.
Whatever political capital the GOP gained by opposing health care reform could be sunk if they oppose financial reform. Not many rational people believe banks should be free to do what they did to us again.
Political winds are very fickle.
Calling something reform, doesn't make it reform. I have lived 56 years on this planet and have come to distrust liberals completely. When they say something is "reform" you can bet your bottom Pound Sterling that it is anything BUT reform.
They will play their sanctimonious, holier-than-thou act, but under it all, it is all about more power for them, and less freedom for we the people.
But the banks didn't do anything to you without government guidance. To be more specific, see how Barney Frank and some others in Congress controlled the home lending banks.
You're just looking to blame one political party for all this mess. Believe it or not, the banks did a whole lot without any government interference. The bits and pieces that Frank and others did have just been blown up for political fodder.
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