Monday, July 14, 2008

I Have An Idea: Let's Deregulate The Banks!

"Deregulate business and industry," Ronald Regan proclaimed. He promised greater competition, lower prices, less conglomeration, more jobs, and a robust economy that would eliminate the need for any and all social welfare programs.

IndyMac, one of the nation's largest independent mortgage banks, was seized by Federal regulators on on Friday. It is the single largest bank failure in United States history.

Crisis Deepens as Big Bank Fails, Wall Street Journal

We are lucky that there were any federal regulators left to seize the bank; because, if Reagan and his apologists (so-called conservatives) had their way there would have been no regulators left in the federal government.

The conservative movement in the United States has robbed us of a robust economy that had its ups and downs, was brilliantly regulated to prevent industry-wide failures, and managed to make America the most powerful nation on the planet. We are no longer the most powerful nation on the planet,or the richest, or the most advance, or the most progressive. Conservatives have gutted our government, stolen our economy, crippled our media, sold our military to the lowest bidder, and left us fighting about abortion, homosexuality, and race relations.

My elected Senators (Clinton and Schumer) are Democratic apologists for Reganomics and conservative economic policy. They pass themselves off as liberals, but their business policies are as anti-consumer and as pro-business as almost any Republican Senator. Neither has ever met an anti-consumer bill they couldn't love, or at least care for fondly.

The "Democratic Congress" that was elected in 2006 has had two years to make some change, and they have done nothing. Nothing, nothing, nothing, and they plan on doing more of the same -- even if they control the White House and Congress.

The scorecard for conservatism and the current Bush Presidency reads pretty poorly. They've lost:

Two trade centers
Four commercial airliners
A piece of the Pentagon
An army in the desert
An American city
The respect of the entire world, including our allies

The score card for the Democratic Congress isn't much better:

A dying economy
An increased war budget for Iraq
Gutting personal freedom by passing FISA
The failure of IndyMac
The impending failure of FannieMae and FreddieMac

So, George Bush fiddles, Ronald Reagan laughs in his grave, Nancy Pelosi has lunch, Clinton and Schumer point fingers at everyone else, Barack Obama share his vision for change, and America watches reality television, all while Rome burns!

Hello! In case you aren't paying attention: BANKS ARE FAILING! Call your congressional delegation and tell them to put down the gin and tonic and get back to work.

As George Herbert Walker Bush offered during the 1988 Presidential Campaign: "It's the economy, stupid!" And it's going down the toilet faster than you can say "he's half-black!"

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