Friday, April 16, 2010


I don't know if you could tell by the title, but I am mad. I enjoy being exposed to opposing viewpoints and thereby opening debate, but recently I have seen opposition that is over the top.

Our Federal Government is no attempting to pass a financial reform bill that would make it impossible to bailout a company by decreeing it too large to fail, while simultaneously tightening regulation over derivatives, which had a huge part in causing the financial recession that occurred in our recent past.

And guess what? ALL 41 Republican senators are opposed to the bill!!!! What the hell is their excuse for siding with Wall Street banks rather than the American people?! I've heard the following milk toast responses:

-it is socialist
-government intervention caused the financial crisis in the first place (untrue as hell)
-the bill is partisan

While the last point is true, it is not enough of a reason for our legislators to sell out their constituents to the Wall street bankers. Whether you love or hate the current administration, you should agree that this particular legislation is essential to prevent another financial meltdown. It is simple fact. No amount of Faux News or MSDNC bias can change that.

The exact action which caused the financial crisis was revealed recently: Goldman Sachs took out large insurance policies from AIG on toxic assets-ones that were doomed to fail. Once those assets failed, Goldman Sachs made big bucks off of their insurance policies and AIG went near bankrupt, which necessitated their bailout. So at the core of the financial crisis, Goldman Sachs made millions while the rest of the economy was tanking. The federal Securities and Exchange Commission recently discovered this and is pursuing legal ramifications.

I believe everyone can agree that the government that governs best governs least. Some may tote the slogan and repeat it enough times for it to be legally called propaganda, and more often than not those people are the ones who legislate exactly opposite to that slogan, but in the end we should all also agree that sometimes adding laws is necessary to stabilize our country. Some may argue that once our government begins to legislate that there is a slippery slope that leads us straight to communist Russia, but that is simply idiotic. This bill, if passed, would improve quality of life for everybody and would prevent Wall Street bankers from making off with America's taxpayer money with no ramifications.

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