Congress keeps stonewalling financial regulation

Nov 14 2011 - 5:32pm

In John Reynold's most recent incoherent tirade against anyone who does not conform with the ideology of Rush Limbaugh, he quotes what he terms an "astute observer" as saying they, meaning the wall street protesters, "don't know witch from Shinola." By using this quote he seems to be saying that the protesters are falsely blaming Wall Street and every "financial district in most cities" for ills that they themselves are responsible for.

Reynold's "astute observer" is nothing more than a moron without a clue. Eight years of Republican leadership with its contempt for financial regulation, and its collaboration with the financial industry led to the worst recession since the great depression of 1929. The Bush administration bailout of the industry came with no requirement for accountability of the taxpayer money that saved it. As a result we were subjected to unconscionable pay raises, bonuses, and financial arrogance that did nothing more than further enrich the banks and investment houses that created the recession.

Even to this day the Republican controlled congress continues to stonewall any meaningful regulation of the industry that would prevent another financial disaster. This is exactly what the Wall Street protesters are protesting, and anyone who does not see this is either blind or ignorant.

Jack Allen

Roy

 

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