"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Obama said in a statement. "Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression."
Well, how about that, one of the presidential candidates has mentioned oversight and regulation and consumer protections while discussing the problems with our financial system and Wall Street. Can you guess who that may be? Yes, my choice for president Obama is the one candidate who realizes that you can not have a sound financial system without oversight and regulation. The sharks when they smell blood in the water will eat each other. As for the consumer, usually not versed in the finer points of the market, are no more than fish being shot in a barrel.
Wouldn’t it be nice if we didn’t need traffic lights, think of all the money that could be saved. How about highway signs and yellow paint for double yellow lines, just think how much more money could be saved. And with no traffic lights, speed signs or directional signs or double yellow lines, just think how much fun driving would be for the family. Those that want little or no oversight or regulation are asking for the problems we all now suffer with. Without adequate oversight and regulation of the securities business and investment banking, total and unchecked greed takes over.
My fellow Americans, the Republican Party, for the most part, has been disassembling the protections put in place by President Franklin D. Roosevelt and the New Deal that came about as a result of the failures and the greed of the 1920’s and culminated in the Stock Market Crash of 1929. I know for many people in American today that 1929 and the 1930’s is ancient history, but in our case, it is OUR ancient history, and that makes all the difference in the world. Wake up America, if it is not too late, you are being told if you take down the traffic lights and traffic signs, that the traffic will be better. Ask yourself, better for whom? How many foreclosures do we need? How many pension funds their market value decimated do we need? When the guys in the beat up Ford F-150 pickup trucks realizes that I am talking about them, then perhaps, we will have change. I can only hope that that time is rapidly approaching.