Hopefully what I and many others are feeling is just temporary before we are rescued or do the rescuing. The several major reforms we were expecting from our new President, health care, finical and climate change all seem headed for defeat. Are we expecting too much of our new administration and congress? No we are not, we are just expecting what a representative democracy is supposed to do. Progressives have requested a meeting and have yet to receive his ear!
Matt Taibbi's latests Rolling Stone article details how the Obama administration ditched its progressive finical team who help him get elected, for wall street friendly, main street hating, corporate elite. The President and his administration are almost watching Americans loose their homes. They could of given the home openers the money instead of the banks in the first place.
Maybe we are just up against too much. Maybe our political system is so corrupt that those who are working for reform are out numbered and out resourced by those who will not relinquish their power. There are some silver linings, action to bring the Glass-Steagall regulation back. The Glass-Steagall kept banks and investment houses separate entities and required banks to keep a sizeble amount of cash on hand. The reason for enacting the law was to keep banks from creating systemic risk by being too big to fail, just like we witnessed some months back when they were too big too fail, the government spent ONE FUCKING TRILLIONS DOLLARS. But the ilk surrounding our President and congress are not going to reforms come without a fight!
"I think going back to Glass-Steagall would be like going back to the Walkman," a senior Treasury official.
We should have banks who take deposits and mostly sit on the money and collect a small interest. If I wanted my money in a crap game I will go to Vegas not my local bank. If I have money to invest I need to go to an investment house which will take the risks they should be taking but KEPT SEPARATE from people who need their money in the bank. It is clear the bankers and investing class have made insane amounts of money enabled by the tax payer. These banks have gobbled up other banks making them even bigger than before the crash, making them even a bigger systemic risk THAN EVER BEFORE!
While all this is going on, all I see on the news is that old bastard and his buddies stripping what they will call health care reform from being actual health reform. I hate to end any post on such a down note and uninspiring news but that is just how I am feeling and how the news seems TODAY. But I will say we are still fighting, the outcome is yet to be determined and our voices will be heard.