4-28-2010 10:05 AM EST
Senators hauled executives from the investment firm Goldman Sachs to Capitol hill for a Senate Hearing ( Dog and Pony Show ).
The Senators conducting the witch hunt SHOULD be asking WHY Goldman Sachs got involved in selling CDO'S that promoted Sub Prime Mortgages in the first place .
Naturally this will never happen because the answer stretches back to Jimmy Carter , Bill Clinton , and includes a who's who of Clinton cronies that made MILLIONS in salary and bonus while overseeing the origination of mortgages at FANNIE MAE and FREDDIE MAC to unqualified applicants that they KNEW could never repay the mortgages .
Chris Dodd has introduced a bill to " reform Wall Street "
Dodd's bill is not a " reform " rather it is a vehicle to provide a PERMANENT slush fund to be used for future bail outs of Wall Street.
The Republicans have defeated the motion to debate this on the Senate floor 2 times .
Obama's corrupt pair of PELOSI and REID have proven if a bill goes up for debate they will use any and all underhand tricks to pass it .
Why have we not had a hearing on the involvement of Barney Frank and Chris Dodd and their involvement and COVER UP of the Sub Prime crisis ?
Why not use a simple Solution ?
Separate the traditional banking from the investment / brokerage banking .
Pass a law that PROHIBITS any tax payer or federal dollars to be used to bail out brokerages .
Grandma's money is still safe and insured by the FDIC .
Investors are risk takers and should not be bailed out for foolish or risky bets .
If a " to big to fail " brokerage becomes insolvent , let a healthier institution purchase it for PENNIES on the dollar .
Risky investments THEN would be just that and Wall Street would then POLICE its own , as bad investments would erode profits .
This is CAPITALISM in action.
Stock brokers can and DO sell investors stocks and bonds THEN sometimes they BET AGAINST what they sold a client .
For every transaction that an individual BUYS a security, another person is SELLING the security because he believes the security can no longer appreciate in value .
This process of buy and sell transactions is what makes the stock markets function .
Obama would like to dictate the rules and create a GOVERNMENT controlled stock market .
Stock brokers TOUT stocks that the executives have put on a list to SELL .
Many times there is a SPIFF to reward the salesperson for UNLOADING the stock to an individual .
Really this is very similar to walking into BEST BUY and the salesperson trying to switch you to the product CORPORATE wants you to buy .
Obama has meddled into many areas of capitalism and this is in essence ANTI AMERICAN.
The collusive media has made much ado about GM paying back it's bail out funds .
What they failed to report is that GM simply drew this money from another GOVERNMENT loan to back the initial loan .
This would be like a homeowner telling every one he paid off his mortgage when he simply RE FINANCED the original mortgage .
If Obama and the liberals can succeed in controlling the stock market and dictating every aspect of the trade cycle , then the stock market will not be a FREE market anymore .
This is a KEY aspect of Obama's plan to wreck the American Economy and put us on a level of a third world country .
Obama is running for PRESIDENT OF THE WORLD .
Wrecking the American economy will appease the ANTI AMERICAN crowd that the United Nations panders to.
The Senate Hearings will backfire and more voters will turn against Obama and elected officials that vote for his agenda .