Sharks!
Recently, the U.S. Treasury unveiled the new Benjamins. A redesign of the $100 bill with advance security features developed to impede the likes of sophisticated or crafty counterfeiters. The Treasury Secretary says the bill “… incorporates the best technology… to ensure we’re staying ahead of counterfeiters.” But while the government is protecting us from counterfeiters on the prowl to bamboozle us out of our hard earned Benjamins, there are other predators on the prowl that we need to warrant safeguards against.
The derailment and near collapse of our financial system personally is still an open wound. Like so many, watching my retirement funds drop zeros, moving the decimal point substantially left has shaken my confidence and trust as a consumer, investor and taxpayer. In addition, an epidemic of foreclosures has continued to plague our neighborhoods.
Then to top it all off, the predators responsible for the collapse are still resisting regulation that is long overdue. House Republican Leader John Boehner claims that President Obama’s reform measures are “a government takeover of the entire private sector.” These claims are even more ridiculous, especially in light of the recent investigation into fraud involving Goldman Sachs. For the record, no entity should be too big to fail!
Regulatory reform and oversight that actually protect consumers, investors and taxpayers from the too big to fail predators on Wall Street needs to happen - NOW! Whether it’s Main Street or Wall Street, a predator is still a predator.
Comments
1. Chad said...
Civility ended when we elected a Black President.
3. Jesse said...
The party of NO wil continue its strategy.This will eventually lead to CRASH and Burn!I cannot believe that they think this strategy will pick up seats in November.
4. Biz said...
Republicans will embrace reform when they are allowed to sit at the table.The dems plan to ram this mess down our throats like health care.
5. Baye Kambui said...
Biz - just to clarify, the Republicans announced their proposal for Wall Street reform a few days ago.
We will likely have another financial crash if their proposal is implemented. I'm not a huge fan of the Democrats' bills either, but the Republican proposal is especially dangerous for the economy.
The Republicans' ideas do not properly address one of the central reasons for why we almost saw the end of civilization in 2008 - derivatives trading and their loose requirements for capital and clearing. "Fixing" Fannie and Freddie would not stop another crash from happening. There are at least four other major problems with the Republican's plan.
BTW, reforming Wall Street is an issue which extends beyond party bickering. There's no time for politicians to "pick up their marbles and go home." We need all ideas on the table, including yours, Biz...
song currently stuck in my head: "nice to me" - todd rundgren













2. Baye Kambui said...
@Tanya - You're telling the straight up-and-down truth. It needs to happen NOW...
song currently stuck in my head: "a love that's worth having" - willie hutch
4/28/2010