Outrage: Obama’s Regulatory Overhaul Does Not Address “Too Big To Fail”
In a news article on Yahoo Finance, it is noted that the White House is saying Obama’s proposed overhaul of financial regulations does nothing to change the status of banks becoming too big to fail; thus, future bail outs will be necessary in times of crisis. This is an absolute outrage.
The one thing that should be done in terms of regulatory overhaul is to make sure that no organizations are considered too big to fail in the future. Obama himself has said in the past that this is what is needed, yet again he fails to deliver. I see a trend here.
Because of the joke of a system we call the U.S. economy, the tax payer is continually fleeced in order to save these corrupt institutions and incentivize excessive risk. A few months later after getting free money from the tax payers, these companies produce record profits and pay themselves record bonuses.
Leadership (Lack Of)
I cannot express enough how much of an outrage this is. This floored me this morning. After absolutely screwing the U.S. tax payer for the sake of the greater good, our leaders should be doing everything under the sun to make darn well sure this never has to happen again. This is not what they are doing. Rather, they are ensuring that it WILL happen again by bailing out companies, encouraging the next asset bubble through horrendous monetary policy and then not even addressing the too big to fail stupidity.
As the article on the 545 people says, after years and years of claiming to want to go in a direction, if we don’t go in that direction, the only conclusion must be that our leaders are lying and that the direction we find ourselves in is actually the one they intended for us to take. I no longer have a case that says Obama and just about every other “leader” in D.C. wants to actually protect this economy for the long-term. They are only interested in paying off Wall St., the unions, and whatever other special interest they see fit so they can get re-elected and maintain power.
Vote them out.
Update: While I’m not in the camp that wants Palin to run for president in 2012, she is taking on more and more of the tone of the libertarian crowd which is interesting. WSJ notes that she is sounding like Ron Paul these days criticizing the Federal Reserve.