Democrats have decided that in order to prevent Wall Street from starting more financial meltdowns, wrecking the economy and leaving the American taxpayer holding the bag, we need to give more oversight authority to the same government employees who were busy surfing Internet porn as private investors frantically tried to warn them about Bernie Madoff.
The Democrats' financial "reform" bill also includes a $50 billion bailout fund -- that's million with a "B" -- that will save the Democrats from the unpleasant task of having to go on record voting for another Wall Street bailout.
Under the Democrats' bill, the FDIC will distribute the bailout money to Wall Street bankers without Congress having to take any action at all. (In the House version, the slush fund for the Democrats' Wall Street friends is $150 billion.)
True, the billions of dollars will be doled out to banks for the purpose of "dissolving" them. So what? They'll come back under a new name. But the guilty parties will lose no money for making bad bets -- although if the bets paid off, they'd take all the profits. That's what Democrats mean by "accountability."
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Why do republicans always just say the opposite of what's actually happening? There is no bail out, and the reform bill ends bail outs. Is it because your message of "protect wall street at all costs" doesn't sell to the American people?
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