Real Regulation of Financial Markets, Bushites Just Say NO
Treasury Secretary Henry Paulsen and his department's Bush Republican appointees are protect-the-have's-and-have-more's par excellence!
They and the Fed, led by Bushite loyalists, do not believe in any government regulation and ignored or promoted the unregulated hi jinks of mortgage lenders, Wall Streeters like Bear Stearns, hedge funds and other financial derivative hocus pocus that caused this economic disaster.
So beware of any proposed solution coming from the Treasury Department or the Fed about the financial and economic debacle they helped bring about.
And this so called solution is a doozy! It's a typical Bush administration smoke and mirrors, form over substance, spin it like crazy proposal.
The NYTimes reports: "The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
"....Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.
"While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation."
Yesiree, the operative word is "could"; the reality "won't" and the kicker: "carefully avoids a call for tighter regulation."
This is the Bush's administration and its minions in action: never regulate whatever involves the wealthy, corporate cronies and profits; never, ever regulate for the common good which, to the Bushites, means that the rest of Americans, the 98% not super rich, are on their own.
"The plan would give the Fed some authority over Wall Street firms, but only when an investment bank’s practices threatened the entire financial system.
"But Mr. Paulson’s proposal would fall well short of the kind of regulation that Democrats have been proposing. Mr. Frank and other senior Democrats have argued that investment banks and other lightly regulated institutions now compete with commercial banks and should be subject to similar regulation, including examiners who regularly pore over their books and quietly demand changes in their practices."
The Bushites who share the blame for causing this economic catastrophe are now proposing a no regulation solution. This Democratic controlled Congress caved to Bush by rubber stamping rebates that won't help this economic crisis. They should now gets some backbone, step in and reinstate the real regulation that existed until the Reagan, Bush and Clinton administrations killed effective common good regulation. It needs to be done before even more damage is inflicted on this country by the Bush administration and its deliberately incompetent flunkies.
And impeachment is still off the table.
They and the Fed, led by Bushite loyalists, do not believe in any government regulation and ignored or promoted the unregulated hi jinks of mortgage lenders, Wall Streeters like Bear Stearns, hedge funds and other financial derivative hocus pocus that caused this economic disaster.
So beware of any proposed solution coming from the Treasury Department or the Fed about the financial and economic debacle they helped bring about.
And this so called solution is a doozy! It's a typical Bush administration smoke and mirrors, form over substance, spin it like crazy proposal.
The NYTimes reports: "The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
"....Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.
"While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation."
Yesiree, the operative word is "could"; the reality "won't" and the kicker: "carefully avoids a call for tighter regulation."
This is the Bush's administration and its minions in action: never regulate whatever involves the wealthy, corporate cronies and profits; never, ever regulate for the common good which, to the Bushites, means that the rest of Americans, the 98% not super rich, are on their own.
As the article continues, "The plan would not rein in practices that have been linked to the housing and mortgage crisis, like packaging risky subprime mortgages into securities carrying the highest ratings.
"The plan would give the Fed some authority over Wall Street firms, but only when an investment bank’s practices threatened the entire financial system.
"But Mr. Paulson’s proposal would fall well short of the kind of regulation that Democrats have been proposing. Mr. Frank and other senior Democrats have argued that investment banks and other lightly regulated institutions now compete with commercial banks and should be subject to similar regulation, including examiners who regularly pore over their books and quietly demand changes in their practices."
The Bushites who share the blame for causing this economic catastrophe are now proposing a no regulation solution. This Democratic controlled Congress caved to Bush by rubber stamping rebates that won't help this economic crisis. They should now gets some backbone, step in and reinstate the real regulation that existed until the Reagan, Bush and Clinton administrations killed effective common good regulation. It needs to be done before even more damage is inflicted on this country by the Bush administration and its deliberately incompetent flunkies.
And impeachment is still off the table.
Posted by Kaz at 3/29/2008 11:16 AM 
Categories: Republicans, greed, Ethics, Economics, Economy, Bushites
Categories: Republicans, greed, Ethics, Economics, Economy, Bushites
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