Congressional Banking Scandal, remember?

What Next?

What Next?

According to Randall Hoven a very distinguished writer published at The American Thinker, and of course, Fox News, Nancy Pelosi has a draft financial rescue plan this Sunday morning, according to Fox News. It’s scarier than anything else you’ll see this Halloween season.

What’s not in the plan? Anything to do with any rule or regulation that got us here in the first place. No changes in HUD rules. No changes in lending rules. If the Democrats think the Gramm-Leach-what’s-his-name bill caused all this, not a word of reforming it is in this plan. What is in the plan regarding reform?

A strong oversight board appointed by bipartisan leaders of Congress

That’s comforting. More oversight by Congress. So they won’t change any of the rules and regulations that got us here, but they will add more layers of bureaucracy. Not to mention, Congress already had oversight of everything about this from the get-go. In fact, that was the problem.

Regulatory committees, various ‘Commissions,’ government owned and operated ‘Reserves,’ of course the Freddy Mac family, and the Fannie Mae clan, people trusting the companies they work for, with the ‘faith and credibility’ of the U.S. Government only to see their banks close their doors for good.

What about the F.D.I.C? Securities and Exchange Commission, Federal Trade Commission, or even the Federal Reserve Bank(s) who are so far implicated in this mess that I’m sure any one will ever come to trial but someone has made it out with a little over $1 trillion dollars of our money!

Well what about these government agencies-most of whom were established-during the pre-World War II ‘Great Depression’ as a means of oversight for accountability of those who work in our financial markets, stocks and equities, loans, banks, and housing. This is great; however, has anyone heard who is responsible for this fiasco?

When is this country going to learn? Since you’ve been alive how many ‘cover-ups, banking crises’, the S&L bad lending habits, and other financial lending or investment banking companies gone down? Ask yourself this: And for the sake of expediency lets put certain limitations in here: How many “government regulatory commissions,” are out there watch-dogging our interests?

We have seen the Savings and Loan industry go down for mismanagement; did any person learn anything because of this situation?

Please if you get a little time during the day, please read these earlier musings dealing with the exact same issues: A Good One, A Better One, and this is a Great One.

For some reason the notion between accountability and congress just don’t line up. Question: Just how long is the American public going to stand for this “self-serving” government? More later…

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