Tag Archives: financial meltdown

People have no memory…

Well…watched an interesting show on PBS last night with Bill Moyers looking into the reasons behind the financial meltdown and one of the things that I now understand is how bi-partisan the blame is….both parties were involved with the repeal of Glass-Steagall that allowed the banks to do what they did…but what I don’t understand is why no one remembers that it was the lack of regulation that led to the banks being able to monetize mortgages and make trillions in fees selling them to unsuspecting investors when they knew they were worthless. Why is no one calling out the repubs when they continue to cry deregulate, deregulate, deregulate….it is exactly the same thing they were saying in the 90′s and we all know where that left us….I do understand that regulation has costs but I don’t know of a better example of how much this deregulation nonsense costs, too….millions of homeowners losing their homes, millions of real people losing their savings, and millions of workers losing their jobs…..but that doesn’t matter to the repubs..the only thing that matters to them is to beat Obama….and that could happen if we continue to have amnesia about the near past…