The regulations that kept banks, insurance companies and financial markets separate, were swept away by the legislation created by Phil Graham, and endorsed by John McCain and the rest of Gingrich congress that the REPUBLICANS controlled in the mid 90's. It is a CONSERVATIVE principle that regulation of business by the government is "bad" and unfettered capitalism is "good." I am all for business being free to operate with as little interference from government as possible - but regulations to protect consumers and the nation as a whole ARE needed, always have been and always will be.
It was the lack of regulation of the three industries along with the corresponding lifting if the transparency requirements in the mortgage industry, (again conservative push to remove "bad" government regulation) that set the stage for this economic disaster.
The problem has only been made worse by the HUGE deficits (and corresponding multiplication of the national debt) that has made the dollar tank, even as those at the top of the income scale (the top 1%) saw their incomes rise by double digit percentages while the average American saw their real income shrink.
And NOW that the biggest players in the economy are having the free market come and bite them in the ass, after years of private profit, the debt is about to be socialized. Don't take my word for it:
Jim Bunning (R-KY) says Paulson is acting like a socialist -
http://www.bloomberg.com/apps/news?pid=20601087&sid=alpUsTv3.upI&refer=homeAnd that was just after the Fannie/Freddie bailouts. NOW after the government purchase of 79+% of AIG, the
latest plan by these so called conservatives to literally take ALL the bad loans off the hands of Wall Street. How is THAT the free market? How is THAT capitalism? And then what? Do we think they will be properly chastened and be good corporate citizens operating withing sane self imposed parameters designed to keep this form ever happening again? Welfare and protection for the richest among us and the LARGEST companies is now capitalism, while enacting policies that would protect, or god forbid HELP the other 95% of the country, (DIRECTLY not through trickle down bullshit) is communist or socialist. These people aren't interested in any principle beyond protecting the very narrowest sliver of the richest people and companies in the nation.
The JOKE is that ANYONE who makes less than $250,000 a year (~95% of the country) would continue to vote for people who advocate these economic policies and laissez faire anti-regulatory business environment UNTIL it looks like the rich MIGHT loose some money. Then it's all hands on deck and let's bail them out, even if it means literally nationalizing a private company. The calls for "collective sacrifice" so we can all "get through this together" through the strength of the American will are very touching. Too bad these assholes don't want to share with everyone when there is a profit to be made. And NO I don't mean there should be some kind of national dividend or the end of private enterprise. Side note: Why is it OK for the Government to get into the insurance business by BUYING The worlds largest business, property and casualty insurance company, but not the medical insurance business?
The Joke is that John McCain is acting surprised that Wall Street would be rapacious. Hell now he wants us to elect him to "fix" something he and his buddy Phil Graham, and Republicans in general, broke in the first goddamn place. If the American people fall for this bullshit we are truly the dumbest nation on the planet, which is pretty scary since we possess enough weaponry to destroy th planet - not in theory, not in an existential sense, not philosophically: literally. It's will be like realizing that the 6'4" 300 Pound retarded kid in your class actually has all those guns and knives he waxes rhapsodic about so often. Sure he's mostly sweet but what happens when he gets mad?
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