One would think the collapse of the economy in the Fall of 2008 would motivate everyone in Congress to promote strict regulations of Wall Street, so that what happened can never occur again!
It was lack of regulation that allowed the Wall Street abuses to happen, but apparently that does not affect the Republican opposition, most of whom seem dedicated to prevention of any real regulatory reform!
Well known as friends of Wall Street, they now are trying to play a shell game, and claim that all bailouts must be prevented in the future, when many of them backed the original bailout that took place under President Bush!
Despite Tea Party protests, it is a fact that the so called “bailout” saved the country from a worse economic downturn, and much of the bailout money has been paid back by the banks, insurance companies, and auto companies, and the rest will be paid back.
Would it have been better to do nothing, and let the economy slip into a total depression? Why is it that now when it is urgent that reform be accomplished, suddenly the GOP is acting like an innocent child, as if they had nothing to do with the lack of regulation during the Bush era?
It is good to see President Obama declare that, just like with the Health Care legislation, he will not allow GOP intransigence to stand in the way of essential reform! It is time for action, no matter what Mitch McConnell, Senate Minority Leader, or anyone else does to block reform! It has been the height of hypocrisy for McConnell to attack the legislation, when he is well known for being close to Wall Street financiers! What a disgrace! 🙁