This bill needs several things. First of all, all 1400 pages of this monstrosity need to be read and analyzed. That has not happened. Second, it needs to get rid of the provisions that the government can take over any bank or financial institution it deems in trouble. This is an arbitrary call that allows the government to takeover companies. Third, it needs massive oversight and reform of the real culprits of the mortgage crisis, Freddy and Fannie.
This was an attempt to ram through something that was unread. The Republicans and Ben Nelson are justified in saying slow down on this one.
If you want to institute regulations to correct bad behaviors, regulate the roots of the conditions that allow that bahavior. Separate the three elements involved in this fiasco, Banks need to bank, Insurance needs to insure, and investiment needs to focus on investing in investments. And all three need to stay our of the real estate markets.
This bill needs several things. First of all, all 1400 pages of this monstrosity need to be read and analyzed. That has not happened. Second, it needs to get rid of the provisions that the government can take over any bank or financial institution it deems in trouble. This is an arbitrary call that allows the government to takeover companies. Third, it needs massive oversight and reform of the real culprits of the mortgage crisis, Freddy and Fannie.
This was an attempt to ram through something that was unread. The Republicans and Ben Nelson are justified in saying slow down on this one.
There is no need to regulate financial firms except those that could cause systemic failure of our economy.
We still are a capitalist society, right?
If not, when did we vote for this change you cannot believe in?
If you want to institute regulations to correct bad behaviors, regulate the roots of the conditions that allow that bahavior. Separate the three elements involved in this fiasco, Banks need to bank, Insurance needs to insure, and investiment needs to focus on investing in investments. And all three need to stay our of the real estate markets.