By late 2008, it became clear to all that Banksters gone wild in an orgy of greed, released from virtually all regulation by their Republican stooges, had nearly destroyed our economy. After this it became apparent that the market does not regulate itself, and the only way to protect the American public from them is to muzzle their greed with stringent regulation. Dodd-Frank was a step in that direction, albeit much too small a step. But even that is far too much for Republicans. They back freedom, not for you and I, but freedom to destroy our economy for Banksters.
Three years ago this week, the 2008 financial crisis began in earnest with the Sept. 15 bankruptcy of Lehman Brothers and the $85 billion bailout of insurance giant American International Group one day later. Those events set in motion the spiral that resulted in the $700 billion Troubled Asset Relief Program (TARP).
In the Great Recession that followed this Wall Street-driven meltdown, 14 million Americans lost their jobs and $20 trillion in wealth was destroyed. However, the candidates on stage during last night’s Republican presidential primary debate seem to be suffering from a severe case of amnesia when it comes to the financial crisis, as several of them called for repealing the Dodd-Frank financial reform law, with Texas Gov. Rick Perry going so far as to criticize the Obama administration for its failure to “free up” Wall Street…
Inserted from <Think Progress>
Here’s the video:
If you’re a millionaire, billionaire, or corporate criminal, this is exactly what you probably want to hear, unless you have a conscience. But if you are one of the 98%, anything you do, that may help Republicans stay on power, is acting against your own self interest.
8 Responses to “Republicans back the freedom to destroy”
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This is just one of the many reasons that I can’t understand how a middle class or poor person could possibly vote for a Tea-publican.
Ignorance.
Frankly , I dont understand how any thinking person , with the exception of the corporate billionaires etc , can vote Republican , in fact never really have ; the abuse and damage inflicted on this country and it’s economy are stunning !
The operative word is “thinking.”
this is why i don’t intend to get involved in the next campaign – I know my little vote will be the one that placed the tea cart before coffee, however – that said – I don’t believe it any more – I said that the year Nixon was elected, the years both bushes were elected – but most of all – I can’t forgive the spineless democratic party and its consistent acquiescing to the “others” – which was more important? Taking the time to bring the former administration to justice, or allowing the country to sit in its shit – I expected a diaper change I could believe in! America has lost its appeal over the years and, like an alien I’ll watch it sabotage itself – my grieving time is spent! Elections have become more like watching “who’s going to be the next Godfather” to me – I didn’t care for the mafia either!
So you put your tail between your legs and run away?
From ThinkProgress RICK PERRY: This president does not understand how to free up the small businessmen and women or, for that matter, Wall Street. You give people the opportunity to risk their capital by lowering the tax burden on them, by lowering the regulatory climate, and you will see an American economy that takes off like a rocket ship. — IMO — More like the space shuttle Challenger (Peace to those whose lives were lost and their families). I think the President knows all too well that freeing up Wall Street will only make things worse. Capital requirements for banks are global and based on stress tests. By lowering the regulatory climate and allowing people [Republican corporations etc] the opportunity to ‘risk their capital’ as Perry says, means these people will be playing with the economies of many nations since so much is tied to the US. Does anyone remember the Hunt brothers from years ago who played with silver and sent prices into the cellar from whence they never really recovered? As in the article “. . . not only the GOP suffering from regulation delusions: JP Morgan Chase CEO Jamie Dimon this week criticized higher capital requirements for bank as “un-American.” Evidently, Dimon and the GOP candidates have forgotten — or are blatantly ignoring — that just three years ago their philosophy brought the global economy to the brink of collapse.” This looks like ‘convenient dementia’ otherwise known as short term memory loss.
From ThinkProgress MICHELE BACHMANN: I know we can do so much better in this country. That’s why I’m the chief author of the bill to repeal Dodd-Frank, the bill to repeal Obamacare. And that’s why I brought the voice of the Tea Party to the United States Congress as the founder of the Tea Party Caucus. — IMO — More like the Mad Hatter’s TeaParty! Ms Bachmann, I wouldn’t put that on your résumé if you ever want to work again! Your co-workers will lynch you!
From ThinkProgress JON HUNTSMAN: We cannot go forward with Dodd-Frank, because businesses in this country are saying there’s no predictability, there’s no ability to see around the bend, we don’t know what costs are going to be, we’re not hiring and bringing new people on. — IMO — There is no predictability in life, period. What do you hire accountants and financial analysts for? Perhaps you should educate your corporate citizens and help shift their paradigms, not to Republican economics, but to reality. Canadians do quite nicely, but aren’t perfect by a long shot.
Open your eyes American voters. You are being manipulated and deceived. You are being taken to the Mad Hatter’s Tea Party — that’s the one where they fleece you and then dump you in the ocean of ‘we don’t care about you’.
Thanks Lynn. Excellent supporting info.