Can you Trust Congress?

The democratic presidential candidate seems to be blaming the republican party and the Bush administration for the present economic problems. The first thing you should know is that you cannot trust that this man has the knowledge or experience to understand that current economic situation. He recently appeared at a speech in Florida to speak on economic policy accompanied by a bevy of ex-Clinton economic advisers. Is this going to foster change in government? Aren't we done with the Clinton people yet? Third, on the weekend talk show circuit this man was asked what caused the mortgage meltdown. He response was, "many factors contributed to the current situation." "May factors?" He doesn't know. Or, he isn't willing to tell the truth. But he is willing to blame republicans. This is the definition of pandering.

Let's look at the history of deregulation. The first deregulation bill was proposed by president Jimmy Carter and passed by the Congress under his watch. The result was the Savings and Loan crisis. You can read about it here: http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

Then, you can read about how the democratic controlled congress failed to heed the warnings of Greenspan in 2005 and failed to pass legislation to curtail the excesses of the mortgage lenders. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0 If the link goes dead, I have the full article to send to you.

But, the question is can we trust Congress? Here's my take. The Republicans want their big banking buddies to have less regulation. Conservatives and libertarians believe in this stuff and generally, less control over business by government is a good thing. However, there needs to be a balance especially when it deals with capital markets that have wide-ranging impact. The democrats believe that their low income, working class constituents should be able to enjoy home ownership even if they can't afford it. They would prefer to tax the rich and give the money to the poor to buy a home. This is the liberal philosophy. So, here we have both parties working against common sense and the result is that the economy falls into despair.

The answer is that you cannot trust Congress. You need to vote these people out of office, Democrat and republican alike. The ones who created and want to continue this level of deregulation. Now we have a Secretary of the Treasury proposing a multi billion dollar bail out of the financial services industry. This man used to be the CEO of AIG folks. Where do you think his loyalty is? In four months he will be out of a job and looking to get back into a big paying job in the very industry he is trying to bail out. He stands to make a bundle from helping his buddies. You have to assume that he doesn't give a damn for your well being. Speak with your vote.