Monday, September 15, 2008

Financial Turmoil

Most Americans do not fully appreciate the devastation that Bush and the Republican Party have wrought with their failure to provide oversight.

This weekend Merrill Lynch was bought by Bank of America and Lehman Brothers officially collapsed. These are two of America's most powerful financial companies and they have been destroyed by the subprime mortgage mess. People can say whatever they want, but the bottom line is this - Bush and the Republican rule in the House during his first 6 years and the 4 years of Republican rule from 2003-2007 in the Senate removed all regulatory oversight from the housing/mortgage markets. This allowed the enormous bubble and leverage risk to build in the housing market.

Now that reality is setting in and the bubble is popping, it is flushing America's very financial institutions down the toilet with the collapse.

What I find completely offensive is that for years financial firms lobbied Republicans in Congress and the President to remove regulatory rules. The Republicans complied and let the market work its "magic." Now that it has all blown up, these same "free market" folks are crying, "Government, please help us and bail us out!!!"

The very people who got rich off of their greed and who are directly responsible for destroying America's financial systems now want protection for their own wealth. I'm sorry, but we should let the market continue to work its "magic."

Bush is the "gift" that keeps on giving. It will be painful for all of us for years - get used to it.

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