Obama, Wall Street Regulations, And Mitch McConnell

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! 🙁

One comment on “Obama, Wall Street Regulations, And Mitch McConnell

  1. Tom Degan April 19, 2010 5:19 pm

    I love Kentucky. I love Kentuckians. Perhaps I am a tad biased on this topic. You see, my ancestry is steeped in the history of that state. Many generations of my forebears called Kentucky home. My maternal grandfather was born in 1894 on a tobacco farm in the small town of Hodgenville. He and my grandmother Loretta Doran today lie side by side in the small rural Catholic cemetery there.

    That is the same town where Abraham Lincoln was born. Down the road from my family’s ancestral home (which we still own by the way) is the Lincoln Marriage Cabin where Thomas Lincoln married Nancy Hanks. If you ever visit the place, check out the bronze plaque out in front. It says:

    “Donated to the state of Kentucky by Walter L. Clements”

    That was my grandfather. He and his father, Walter A. Clements, also donated the Lincoln Boyhood Cabin to the state of Kentucky. The land that the Lincoln family settled on was owned by my ancestors. Like my granddad (or “Paw Paw” as we called him) the Lincolns eventually moved to Indiana.

    I don’t think I can state it more clearly: l am just crazy about Kentucky and the nice people who live there. That being said, however, the question is just screaming to be asked:

    Why do such good and decent people keep sending a flaming asshole like Mitch McConnell to Washington?


    Tom Degan

    [WORDPRESS HASHCASH] The poster sent us ‘0 which is not a hashcash value.

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