Don't let the Lobbyist Write the Legislation to fix the US Financial Scandal. And don't believe any Senator or Congressman that says they need to study the problem or form a new committee. All they need is a History book and their own library.
Some people don't get it yet. Of course individual Americans have to take responsibility for defaulting on mortgages. But the system was rigged to allow people to sign mortgages they could not pay back and mortgages they could not qualify for. The system was set up to allow all the middlemen from the mortgage and loan up through brokers and wall street firms to make money without responsibility for any defaults of loans.
It is ludicrous that the profiteers in the finance industry won't have to pay any money back and that the government will pay with our taxes for bad loans without any compensation or quid pro quo back to the tax payer or our government. Many people have gotten richer by fleecing the little people, but no one has yet really dug up all the fallout and costs to taxpayer and the whole economy.
BTW the bailout of AIG and the Financial Sector already will take the unfunded Debt in the USA to over $10 Trillion. I don't like what McCain has said about forming a committee or a board- that sounds like an expensive, slow boat to China that won't cut the mustard. We don't need a government study to fix the problem. The US has plenty of laws on the books that are either not enforced or were overturned with subsequent legislation. Our Legislators should not be allowed to play dumb and stall till lobbyist write the next plan with all the loop holes that they will need over the next decade.
Bill Moyers, Gretchen Morgenson, Floyd Norris, Discuss US Systemic Finance Problems and the Depth of Economic Problem today.
http://www.pbs.org/moyers/journal/09192008/watch.html
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