Sunday, November 01, 2009

So Much for Wall Street Regulation

"Whereas the original TARP included some oversight language and power to limit Wall Street bonuses, TARP on steroids includes no specific oversight or executive pay constraints. Whereas TARP permitted the government to underwrite both small and large banks, TARP on steroids allows taxpayer cash to go only to the behemoths (which, not coincidentally, tend to make the biggest campaign contributions). And whereas TARP limited the Treasury secretary's check-writing authority to two years and $700 billion, TARP on steroids would let him spend as much as he wants for as long as he wants." from Salon

Read this and weep. President Barack Obama promised change and one area where that change was most obvious was on Wall Street, where those who were responsible for the collapse on the stock market, the ones who wiped out pension plans got bailed out while the smaller banks that actually lend to small businesses have been ignored. Do not the Democrats, who now run both the White House and Capitol Hill know who they work for? Why are they giving the Obama and future administrations the authorization to write these Wall Street thugs a blank check when they should be devoting their time to cutting this banks down to size?

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