Yesterday, “Treasury Secretary Henry Paulson on Monday formally announced calls for consolidating bank regulation, creating a new type of insurance charter, improving the oversight of mortgage lending and allowing the Federal Reserve to peek into more corners of finance.”
“The scope of the proposals and lobbying by the industries affected make quick action unlikely. But they come amid widespread concern over the state of financial markets, and some industry observers said that means anything can happen.”
Ok, for anyone just tuning in, the markets have been in an upheaval since last summer, lots of really smart people who took really big investment risks are losing a lot of money. Everyone (I’m not exactly sure of who everyone is, but let’s leave that alone for now) thinks that the government, who, in almost everything else that it does people agree does a really horrible job of running stuff, should have more oversight over these really smart, really wealthy, investors.
Now, I completely disagree, but that’s not what this is about. What this posting is about is the stupid fucking knee jerk reactions from the three morons running for president. Again, we’ll turn to the Wall Street Journal:
“Sens. Hillary Clinton and Barack Obama joined Sen. John McCain, the presumptive Republican nominee, in endorsing the proposed consolidation of regulatory agencies, but said that the steps outlined by Treasury Secretary Henry Paulson didn't do enough to address the fallout from the credit and foreclosure crisis.”
“Sen. Clinton, speaking at a Harrisburg, Pa., diner, said the plan "comes late and falls short." Sen. Obama chided President Bush for "finally" figuring out that "we need to maybe have some oversight of the financial markets."
Hey, Obama, did you just say “maybe” have some oversight of the financial markets? Are you fucking kidding me? Does this idiot know anything? Is there anyone reading this that supports Obama and wants to tell me why this guy continually puts his foot in his mouth and is still considered to be a serious candidate? Maybe? Give me a fricking break.
And Hillary, if the President’s plan “comes late and falls short”, just what the hell have you been proposing over the last few months to correct this issue? I’ll give her points for not saying maybe, but as usually anything that this administration does she is against, without even understanding the complexity of the discussion. Hey, Hillary, why don’t you just jump back down into that foxhole, avoid the sniper fire and let the pros take this one.
And now for McCain: “In a statement, Sen. McCain blamed lax oversight on special interests that had preserved "outdated agencies," and said the current financial turbulence proved that more oversight is needed.”Ah, John, what exactly are the special interests that preserved these outdated agencies?
All of this also ignores the fact that Paulson’s plan gives more power to the Fed, the exact same agency that a lot of economists think started the whole problem.
Idiots, morons and stupid heads. Welcome to the future of America.
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