Today the president gave a passionate speech in New York about his efforts to reform the entire financial regulatory system to prevent another economic meltdown that accord two years ago. The president laid out his vision on what was needed to reform the regulatory system and wanted to move rapidly forward to enact this sweeping change.
The real problem with financial system doesn’t begin or end at Wall Street but real reform needs to begin in Washington! In previous blogs I have written the real problems is that both political parties were to blame for the financial meltdown!
For starters why did the president fail to mention Fannie Mae and Freddie Mac the mortgage lenders who were responsible for placing millions of low income families into homes that they could not afford knowing that any default the federal government would bail them out. The federal government did bail them out to the tune of $400 billion dollars and they are conveniently left out of the financial reform measure.
The real problem is look how millions of dollars from Fannie Mae, Freddie Mac, and the financial sectors such as Goldman Sachs flowed to members of both parties. The president was one of the top recipients from Goldman Sachs, Freddie Mae and Freddie Mac and is leading the charge to reform the system, what was his role while in the senate?
The real problem is the corrupt culture of Washington who makes a set of rules for themselves then sets a different standard for everyone else. The time has come for this nation to wake up and start holding Washington accountable for their actions.
If we don’t then another meltdown is on the horizon!
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