I remember receiving offers in the mail in the early 2000's for loans of $150,000 that said they were pre-approved, "no credit check". I wondered then who was going to be hurt when these types of loans failed because of the lack of "due diligence". My answer was...the banks. And I was right. If I could see it coming, how could all of those MBA's in the finance industry not see it coming? The answer was, they saw it quite well. But it was one of those "inconvenient facts" that would be addressed later by others.
Now we know what happened. The "Too Big To Fail", totally unaccountable banking system is full of those no better than drunken used car salesmen. AIG, Citi, and the rest of the "Too Big To Fail" money giants will continue to ignore common sense and need taxpayer support. The idea of us moving toward Socialism has escaped me until now, written off in my head as Right Wing propaganda...but Federal Government support of these big banks IS Socialism and it is a little scary...Fannie Mae being the example. Jim Johnson, Franklin Raines and Hank Paulson, Countrywide and Fremont people...all should have their days in court. It doesn't look like they ever will be. Virtually all of those bankers who made billions buying up toxic loans and selling them to unsuspecting pension funds and others...they are still lurking...unashamed, waiting until their time to strike again comes around. Point: "Too Big To Fail" cannot happen in this country. "Too Big To Fail" means "unaccountable for their actions" and hence, "taxpayer supported". In the finance industry it also means "Capable of bringing the country to it's knees" as we have seen. Break them up. Glass-Heatley would be a good start.
What are they doing? Pelosi's brother's company just secured a government guaranted loan are securing their fair share of benefits throwing around stimulus loan guarantees to family...provided by the Obama administration and trying to push the 400 Billion dollar "Obama to nowhere" stimulus.
We are going around and around and around...around the wrong way, again and again. Some of us blame Bush. Some, Obama. Some blame our intelligent elected officials who, for no understandable reason, act like idiots like Barney Frank and Dodd.
The system is broken. It has been corrupted with the constant need to raise money and maintain support for re-election. Decisions made by lawmakers should be based on honest appraisals of problems, priorities and available resources...NOT by how much political capital and "money" interest" is involved. Until we fix that our system will remain broken. Maybe it is time we take up the cause for term limits and push it through. Something like the TLC...Term Limit Coalition. Pull the rug out from under the thousands of lobbyists in Washington and set our elected officials on the path to what we sent them there to do in the first place...be responsible lawmakers...responsible for this country's and the world's present and future concerns.
Now we know what happened. The "Too Big To Fail", totally unaccountable banking system is full of those no better than drunken used car salesmen. AIG, Citi, and the rest of the "Too Big To Fail" money giants will continue to ignore common sense and need taxpayer support. The idea of us moving toward Socialism has escaped me until now, written off in my head as Right Wing propaganda...but Federal Government support of these big banks IS Socialism and it is a little scary...Fannie Mae being the example. Jim Johnson, Franklin Raines and Hank Paulson, Countrywide and Fremont people...all should have their days in court. It doesn't look like they ever will be. Virtually all of those bankers who made billions buying up toxic loans and selling them to unsuspecting pension funds and others...they are still lurking...unashamed, waiting until their time to strike again comes around. Point: "Too Big To Fail" cannot happen in this country. "Too Big To Fail" means "unaccountable for their actions" and hence, "taxpayer supported". In the finance industry it also means "Capable of bringing the country to it's knees" as we have seen. Break them up. Glass-Heatley would be a good start.
What are they doing? Pelosi's brother's company just secured a government guaranted loan are securing their fair share of benefits throwing around stimulus loan guarantees to family...provided by the Obama administration and trying to push the 400 Billion dollar "Obama to nowhere" stimulus.
We are going around and around and around...around the wrong way, again and again. Some of us blame Bush. Some, Obama. Some blame our intelligent elected officials who, for no understandable reason, act like idiots like Barney Frank and Dodd.
The system is broken. It has been corrupted with the constant need to raise money and maintain support for re-election. Decisions made by lawmakers should be based on honest appraisals of problems, priorities and available resources...NOT by how much political capital and "money" interest" is involved. Until we fix that our system will remain broken. Maybe it is time we take up the cause for term limits and push it through. Something like the TLC...Term Limit Coalition. Pull the rug out from under the thousands of lobbyists in Washington and set our elected officials on the path to what we sent them there to do in the first place...be responsible lawmakers...responsible for this country's and the world's present and future concerns.
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