Satanosphere

If you’re panicky today about the future of our financial system, take ten minutes to read this very well-reasoned blog at HuffPo –Peter Dreier: How To Fix The Mortgage Mess 101

See the thing is, yesterday when the bailout was defeated, was a chance to get it right, not some horrible partisan sabotage that will ruin the entire planetary banking machine. All those guys on the TV who talk about saving Wall Street in order to protect Main Street ( excuse me I have to puke after typing that … ) — what they are not telling anyone is that this mess was CREATED starting in the Regan administration, and deepened and worsened until now.

The DOW may have had it’s biggest one-day point loss Ever In History, but taken as a percentage of the unearthly (some would say ‘artificial’) levels it’s not so bad. (See this completely separate and technically thorny graph and article.)

Anyway, read Peter Dreier, who has many great points, including this:

We’re in the current mortgage meltdown mess — the escalating wave of home foreclosures, the growing number of bank failures, and the tightening credit crunch — because Congress tore down the last remaining legal barriers to combining savings-and-loans, commercial banking, investment banking and insurance under one corporate roof. Banks, insurance companies, credit-card firms and other money-lenders became part of a giant “financial services” industry. Washington walked away from its responsibility to protect consumers with regulations and enforcement.

Last 5 posts by Quacky

• LET ME TOUCH HIM - November 19th, 2008
• I'll just put this right here - November 19th, 2008
• Look who's sticking out like a sore thumb - November 6th, 2008
• A New Hope - November 5th, 2008
• Please Bother to Vote - November 4th, 2008

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