Who could have anticipated that telling regulators not to regulate could lead to disaster? Anyone and Everyone
Tonight's speech failed to address any of the reasons that the current crisis exists. Interestingly, the off the record comments that Wall St was "drunk" did not make the speech. This would have required identifying the bartender - the regulators. So much for personal responsibility.
So far, I have seen absolutely nothing that helps Main Street. This farce reminds me of the scene from Blazing Saddles where the Sherriff puts a gun to his own head in order to stop the mob from killing him. Funny in the movie; not funny on Wall Street.
As I have asked before, will they turn the FBI loose on these fools? Some jail and a lot of restitution would go a long way in precluding this from happening yet again. Has everyone actually forgotten the savings and loan debacle?
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The reason you see nothing is because there is nothing for the homeowners who have been repeatedly bilked by the unregulated for billions and billions of dollars. This is about rewarding those who engaged in the bilking of the American middle class. This has been open season on the American Middle class. The government decided it was fair to allow Wall St and its brokers to arrange loans and take outrageous fees without regard to any legitimate lending standards. Where in the plan is the requirement that those who bilked the public will have to repay the ill gotten gains - there is none. The bottom line to this situation is that the net effect is that they have picked the middle class clean. The middle class will limp along poor, humiliated and devastated. Those who caused it - will live off their ill gotten gains.
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