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Saturday, October 23, 2010
Washington, DC
Over the past two years, we’ve won a number of battles to defend the interests of the middle class. One of the most important victories we achieved was the passage of Wall Street Reform. This was a bill designed to rein in the secret deals and reckless gambling that nearly brought down the financial system. It set new rules so that taxpayers would never again be on the hook for a bailout if a big financial company went under. And reform included the strongest consumer protections in history – to put an end to a lot of the hidden fees, deceptive mortgages, and other abusive practices used to tilt the tables against ordinary people in their financial dealings. It was a tough fight. The special interests poured millions into a lobbying campaign to prevent us from reforming the system – a system that worked a lot better for them than for middle class families. Some in the financial industry were eager to protect a status quo that basically allowed them to play by their own rules. And these interests held common cause with Republican leaders in Washington who were looking to score a political victory in an election year. But their efforts failed. And we succeeded in passing reform in the hopes of ensuring that we never again face a crisis like the one we’ve been through – a crisis that unleashed an economic downturn as deep as any since the Great Depression. Even today, we are still digging out of the damage it unleashed on the economy. Millions of people are still out of work. Millions of families are still hurting.
[What I'm not telling you: The most egregious act of this regime so far, was the inept opinion that some in the insurance, banking and auto industries were "too big to fail!!" This opinion only exists in the 'political world;' never in the 'business world.' It is NEVER good business to reward poor management decisions or incompetent managers, which is exactly what the PORKULUS BILL did!! The rules in place prior to my "selection for election" had worked had worked for the majority--not only the rich--for those many decades since Franklin Roosevelt's "Great Depression!" The steps this regime has taken to prevent the taxpayer; nay--the American citizen--"for ever being on the hook" for another bailout...were simply put into place because the taxpayer would never stand for another bailout, no matter what the reason!! The political definition of 'a moot point'!! These reform measures only put an end to hidden fees, deceptive mortgages and and abusive practices of the private sector, who--incidently--had very few instances of these infractions. The reforms did nothing to prevent those same activities in the public (government) sector!! The most glaring examples are FREDDIE MAC and FANNIE MAE, which still go on to this day!! In the early and mid 1990s, "Slick-Willie" Clinton and Andrew Cuomo (HUD-Sec'y) loosened the income and job history requirements for Freddie Mac and Fannie Mae mortgage applicants; the single largest factor in the housing bubble and resultant bursting, thereof. This regime single-handedly destroyed the private student loan industry with a deception all our own!! We determined that merely 'earning a profit' constituted a "deceptive practice" and took over the industry through the ubiquitious 'obamaCare' bill. In all fairness--which we fascists are not known for--why wouldn't the republicRATs 'go for the jugular' in an election year?!?! Did the regime not do the very same thing?? We attempted to vilify the U.S. Chamber of Commerce with that 'foreign money' accusation. We knew it wouldn't hold water, but it did accomplish it's hidden objective; getting the dismal performance of obamacRAT incumbents versus their 'tea party' opponents, off the front pages!! My greatest joy in the election season each two years....... I get to stay out of the Oval Office for weeks at a time; flying around the country; give a speech or two, then go play a dismal round of golf, all on the taxpayer's dime!!!]
We’re also seeing the reverberations of this crisis with the rise in foreclosures. And recently, we’ve seen problems in foreclosure proceedings – mistakes that have led to disruptions in the housing markets. This is only one more piece of evidence as to why Wall Street Reform is so necessary. In fact, as part of reform, a new consumer watchdog is now standing up. It will have just one job: looking out for ordinary consumers in the financial system. And this watchdog will have the authority to guard against unfair practices in mortgage transactions and foreclosures. Yet despite the importance of this law – and despite the terrible economic dislocation caused by the failures in our financial system under the old rules – top Republicans in Congress are now beating the drum to repeal all of these reforms and consumer protections. Recently, one of the Republican leaders in the Senate said that if Republicans take charge of Congress, repeal would be one of the first orders of business. And he joins the top Republican in the House who actually called for the law to be repealed even before it passed. I think that would be a terrible mistake. Our economy depends on a financial system in which everyone competes on a level playing field, and everyone is held to the same rules – whether you’re a big bank, a small business owner, or a family looking to buy a house or open a credit card. And as we saw, without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy. That doesn’t serve Main Street. That doesn’t serve Wall Street. That doesn’t serve anyone. And that’s why I think it’s so important that we not take this country backward – that we don’t go back to the broken system we had before. We’ve got to keep moving forward.
[What I'm not telling you: Remember in the previous paragraph of response, where I mentioned the primary cause of the housing bubble? The obamacRATs and their forerunners, the democRATs, 'own' that fiasco!! There's no possible way to shift blame over to the republicRATs!! See, what I'm ignoring is that the U.S. Constitution was written for the express purpose to prevent fascists like those in this regime, from circumventing the mindset that brought down English rule in the New World!! obamaCare is wholy unconstitutional!!
Even a majority of obamacRATs in the congress realized that; it took hours and hours of threats and armtwisting to get that passed, 'over the will of the people!! Now, those same obamacRATs that allowed themselves to be forced to vote against that will, have to go to their home districts and somehow explain their actions!! This is the primary reason for their very poor showing in the polls and during debates with their opponents. I'll be very surprised if--on November Third--obamacRATs have a majority anywhere but the unemployment offices!!! See how I'm able--in my own mind--to shift responsibility for the dismal economy to republicRATs, when it's my policies that have worsened the 'Great Recession,' just like my hero FDR dragged out the "Great Depression" until after the end of WWII. This is 1930, all over again!!]
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