Another beachhead for GIGA Government intervention in our lives and the way we are doing business.
The Zero, exactly one year too late, delivered on Wall Street, a speech on the dealings of Banks and financial firms.
"We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses," the president said. "Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."
I don't think for a moment that the Firms and the Banks on Wall St haven't continued to operate under the same rules and behavior. Their reason for existence it to make MONEY, the more the better, and SCREW the average investor or banking customer. They are where profits are derived.
He was chiding the Wall St leaders that they need to think of the little guy, the people that are hurting because of the current recession.
Right, The collective sympathy from these guys will que the worlds tiniest fiddle to play my heart bleeds for you..
Then, here it comes.
ANOTHER GOVT Agency.
new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules and closure of regulator loopholes and overlap that "were at the heart of the crisis" because it left key officials without "the authority to take action."
Sen. Chris Dodd, the Democratic chairman of the Senate Banking Committee, is leading the push for those new rules and his aides hope to have legislation together before the year's end. Already they have conducted hearings on the source of the problem and how best to prevent another.
We are going to create another agency?? Last time I looked, It was under the responsibility of the Federal Trade Commission, Plus, the rules are being drafted by this Guy?
In his role as chairman of the Senate Banking Committee Dodd proposed a program in June 2008 that would assist troubled subprime mortgage lenders such as Countrywide Financial in the wake of the United States housing bubble's collapse. Condé Nast Portfolio reported allegations that in 2003 Dodd had refinanced the mortgages on his homes in Washington, D.C. and Connecticut through Countrywide Financial and had received favorable terms due to being placed in a "Friends of Angelo" program. Dodd received mortgages from Countrywide at allegedly below-market rates on his Washington, D.C. and Connecticut homes. Dodd had not disclosed the below-market mortgages in any of six financial disclosure statements he filed with the Senate or Office of Government Ethics since obtaining the mortgages in 2003.
Of course his Fellow Peers found that he “did not break any Senate Ethics Rule”. But when your buddies are on the jury, how hard is it??
Fun times ahead. And to note, This is the a reason I don't blog on political topics often, I get a raging foaming at the mouth feeling for ALL the crooks in Washington DC. That includes Democrats, Republicans, Lobbyist, Unions, and the despotic bureaucratic dictators. They are all wasting our national resources, talent, and the future. I feel that every day that our nation is being indoctrinated to accept mediocrity by our schools, government and the worst offender of all, Television.
Now if you will excuse me, I am going to fold my Jiffy Pop container into a hat to keep out those evil rays...