UPDATE ~ Headline - The Wall Street Journal - Rep. Frank Slows Market Regulation Bill
Dear Mr. Frank, Their are existing laws explained in this OpEd. The Prompt Corrective Action Law was created to deal with fraud stemming from the Savings and Loan Crisis in the late 1980's, use it. We don't need a new law to cover Insurance companies, simply repeal S-900. Force Banks, Insurance and Securities firms to un-merge. In addition, America needs a Pecora Investigation ASAP!
April 21, 2009, Ford, WA-- In 2008, Americans were energized by the presidential campaign of Barack H. Obama. Signs were everywhere that read, "Change We Can Believe In."
Democrats, Independents and disenfranchised Republicans took Mr. Obama for his word and rewarded him with their support and vote. U.S. Senator John McCain couldn't overcome the corruption of the late 1980's (Keating 5) and was soundly defeated.
By electing Mr. Obama, America thought it was finally on the right path. The war in Iraq would be over in 16 months. The Patriot Act would be repealed. NAFTA and GATT would be renegotiated in such a way as to level the playing field for Americas working class. It all sounded so good. A breath of fresh air. Americans felt that we finally had a man we could trust firmly planted in The White House.
Shortly after his inauguration, President Obama began the process of naming those he wanted to serve in the new administration. As the names started showing up on nightly news casts, and in newspapers across America, optimism was quickly replaced by serious concern.
How can this be? "Change We Can Believe In", what? But President Obama, with all due respect, Timothy Geithner as Treasury Secretary, Lawrence Summers as Director of the National Economic Council, and one of your closest economic advisors is former Treasury Secretary Robert Rubin? How can those who helped create and perhaps profited from our our economic meltdown have any ability to fix it? Wouldn't these three have to admit that they assisted in screwing things up in the first place?
During a recent interview between respected PBS journalist Bill Moyers and William K. Black, the truth (see Liars Loans) surrounding the events that created the greatest economic failure in American history became known. Why this information wasn't disclosed by Americas new 'change agent', President Barack H. Obama remains unknown. One can only draw the conclusion that perhaps President Obama didn't know what happened until he himself watched this interview?
UPDATE: Bill Moyers Journal Strikes Paydirt Again ~ Second program dedicated to what really happened and how to fix it. Click this link to view: http://www.pbs.org/moyers/journal/04242009/watch.html
The Washington Post has a new blog dedicated to this issue called The Hearings. Check it out! click here knew going in that President Obama had tons of personality, a beautiful family and a wonderful smile. We also knew that he severely lacked the necessary experience to make important decisions on his own. In order to become a successful President, Mr. Obama knew that he would need to surround himself with Americas best and brightest. Or, after seeing who he chose as his Treasury Secretary, perhaps Mr. Obama is in over his head and has no clue of what he's doing. We must all hope that that's not the case. We're in major trouble if it is. I cannot fathom having to potty train the leader of the Free World but, I guess somebody needs to. So, here goes! Okay, perhaps potty training is a bit over the top but, President Obama still hasn't ordered or signed off on a Pecora investigation.
The History Behind The Economic Meltdown ~ Potty Training 101
We've already heard what William K. Black reported in what will become his famous, Bill Moyers interview on PBS. What Mr. Black didn't discuss is how on earth the Liars' Loan scam was allowed to happen and, last for as long as it did. If you're unsure what a liars' loan is? Stop, go back and watch the Moyers/Black 28 minute video.
I'll now take you back to another presidential era, during the Bill Clinton, Robert Rubin and Lawrence Summers years. In 1997, a man by the name of Roy Barnes, a democrat and practicing attorney was elected Governor of the State Of Georgia. Gov. Barnes was a man with vast knowledge and experience with financial matters to include mortgages. In an effort to protect the people of the State of Georgia, Gov. Barnes helped draft legislation that eventually became law. See- Dirty Money Down South, episode 331, Dan Rather Reports on HD.net (video available on iTunes).