The Senate is trying to figure out a way to avoid the collapse of the financial system. Lenders are leveraging for a bail out. But Americans are angry, as they well should be. They don’t want the perpetrators of the problem to “walk” while they take the “fall”.
“Excerpt from (LA Times, April 25, 2008)
Frank’s committee this week approved a Republican proposal to give lenders and loan servicers protection against such lawsuits. But powerful industry groups, such as the Mortgage Bankers Assn., have scorned the proposal.
“It makes me concerned [that] lenders and servicers really aren’t interested in sitting down and negotiating a resolution to these problems,” said Rep. Michael N. Castle (R-Del.), chief author of the GOP proposal.
“Maybe they figure the government will get desperate enough at some point, it’ll throw money at the problem and they can come out with no write-down of these mortgages,” he mused.
“There is no sympathy for anything that smacks of bailout,” said Allen Sinai, chief economist of Decision Economics Inc., who recently testified in favor of the Frank bill. “The outrage has shown up very quickly, and means that at this point the government can only go so far.” (End Quote)
People are aware that the problems they now face were caused by uncontrolled and blinding greed in the financial markets. They want control of their lives back. They shouldn’t have to worry about deals being made on Wall Street that will take from them everything they have worked for most of their lives. They want their Government to act on THEIR behalf.
The lack of government intervention in these areas have stolen hundreds of thousands of average American’s lifetime of work and savings. If it was done with a gun there would be a war. Freedom, is worth defending but some freedom or lack of government control takes other people’s freedom away. The media (the agents of Corporations – proport freedom of the markets) There isn’t freedom of the market. If there was there wouldn’t be a collapse. We wouldn’t pay 3.50/gallon for gas. We wouldn’t pay $150,000 for a gallbladder operation. Prices are controlled not by the market but by a handful of people who profit from their control. There is no free market where the consumer can shop and compare prices in a competitive market. Oil is priced not by the consumer supply and demand but by a handful of people in New York who profit from its rising price. The system we have is not free market – it is tyranny wrapped in idealism.
The government has allowed speculators and financial institutions to gain at the expense of the people, effectively turning the entire country into a labor camp. Housing and oil isn’t the only areas where the balance of power has been allowed to shift far in favor of company’s shareholders and market profiteers. Powerful groups control medical services in American which can transfer the wealth of an entire family into its hands simple by having one medical need in your lifetime. How many family’s have been left with nothing. How free is that?
The system is flawed and no American is immune of being robbed of their saving and financial future as long as the system continues to give certain people more freedom at the expense of others. The people with the authority to intervene didn’t – even when they knew what the outcome would be. That is a breach of trust and crime against the people. The repercussions of the collapse of the housing market has effectively syphoned off billions of dollars from the economy which are now in the hands of the greedy. If the government bails these institutions out, then it will be using your money to further rob you of everything you have worked for. This crisis could have been avoided. But that would have taken someone to stand tall and strong against the corruption. Apparently there was no one. People knew what was going on and did nothing. That is a crime against you and me. The corruption has weakened America and could destroy it if it doesn’t get leaders that will not bow to the power brokers who are destroying our freedom and stealing our wealth.
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