I haven’t been writing much lately. I’m not sure why but I’m hoping to change that soon. Anyway, I found a couple of things to say about the political crap that I’m really tired of.
Let’s start with the Republican primaries going on. The bashing of the President needs to stop. Why you ask? Because those in Washington who seem to have a short and convenient memory think they can fool all of us. You know what I’m talking about. It began with the Reagan administration.
You are probably aware of something called the FSLIC which later became the FDIC. You see it on the bank window every time you go through the drive through. It guarantees each depositor is covered up to $100,000. When was this passed and why? It passed in 1987 under Reagan and had strong bi-partisan support in order to protect us normal people who needed to use a bank.
Over the next several years, the laws were changed to allow interstate banking and allowing banks to make up to 25% of their revenue from investments. This led up to 2000 where the Commodity Futures Trading Commission was no longer allowed to regulate certain contracts which included credit default swaps. Again, this was with bi-partisan support under Clinton.
Now let’s get to the final blow to the regulatory systems. In 2004, there was a little thing passed that was called Voluntary Regulation. It allowed investment banks to hold less capital. In other words, they didn’t have to have collateral for the loans they were making. This was not passed with bi-partisan support. It was without. This was done during the second Bush’s presidency. Let’s also not forget that he put us into two separate wars with all the expense that incurs. Lost loved ones and wars have a high cost.
The you know what really hit the fan in 2007 and came to a head in 2008 when subprime loans in the secondary mortgage market were being defaulted on and there was no collateral for the banks to fall back on. Both parties are responsible for the progression of deregulation.
What am I getting at? I am saying that from Reagan, to Clinton, and to Bush II, there has been a steady deregulation of the rules. We all know that if a big business man can get by with something, you better believe it will be taken advantage of. Duh!!!
Now we get to listen to those who wish to be President, blame the current administration for the mess we are in. Are they serious? I believe that the crisis came to a head BEFORE HE WAS ELECTED!!!! He has had to figure out how to clean up the mess where the last straw allowing it to happen, happened under a Republican president. But because he’s a Democrat, he gets blamed. HE INHERITED IT!!!
Listening to these men and their vitriol reminds me of children on a playground. One of them wants to make the rules because he’s the one who owns the ball. Can’t you hear that child? “If you won’t play by my rules, no one plays. I’ll take my ball and go home!”
They all need to grow up and work together to get it fixed. This debt we have as a country would not be as high if not for previous Presidents. There would have been no need for a bail out. Period.
I am so proud to be an American, yet I cringe at the idea that our politicians are on television. The entire world gets to watch as they fight like children on the House and Senate floors and listen to the Republicans slam our President in public forums. What will it take to get them to shut up and listen to each other?