Greed on Wall Street is something new? I don't think so!
What's causing the "adjustments" and "situation" in the US financial markets? Who's to blame? I swear I didn't do it.
Let's see. Could it be Wall Street? The Republicans? The Democrats? Deregulation? Overzealous regulation? Washington? Politics as usual?
What ho! John McCain cast a stone today at the chairman of the SEC. Says if he were president, he'd fire this man. That's tough talk, and perhaps this man should be fired. But picking out one person and blaming him for the mess on Wall Street (did I say mess? I meant situation) is a tad facile, don't you think? Maybe it's what the American folks want to hear. Because they didn't do it. And someone must pay.
Answer me this: Why did it take McCain so long to take on Wall Street excess? Certainly it's been around for awhile. Where has our white knight been all these years?
Recovery to Equilibrium
1 year ago
1 comment:
It's not in the news much but there are some politicians in both parties who criticized the lack of oversight of Fannie and Freddie before the implosion.
Unfortunately, most white knights in both parties have been stuffing their pockets with donations from these quasi-private agencies that reaped record profits through unsound lending practices and a lack of oversight ... all with the implicit backing of "the federal government" (this is not a government bailout but a bailout by you and me).
Wall Street, in its quest to prove greed is good, capitalized on the trend and made it much worse with derivatives and other trading vehicles. Capitalism is good; greed is bad.
Maybe we'll get some leaders in there to fix this fundamental issue, but not until the public demands it. Who's holding their breath? Thought so ... see you in eight to 10 years at the next financial crisis ...
See PJ, I can do stuff other than blood cancer!
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