Monday, October 27, 2008

Time to Get Out the Axe

After watching 60 minutes tonight, I'm starting to believe that the problem isn't who becomes president, but who remains in Congress and the House. I think it's time to get out the axe and cut loose the idiots that have made a mess of our economy. Why don't we have term limits?

IN 2000, the Senate and House voted unanimously to pass the Commodity Futures Modernization Act which is what has propelled us into the mess we are in today. It was this very type of activity that caused the stock market to plummet in the 20s, so what were people thinking to deregulate Wall Street?

Steve Kroft, the reporter on the program, explained the financial process known as credit default swaps and the role they play in the current economic crisis. What I want to know is why has none of this been publicized in the local news or in the newspapers? Dishonest people are wagering that loans will fail and then making billions when they do. It's like purchasing an imaginary insurance policy for which there is no money for payout. That's why we're having to spend billions to bail out the economy. A huge debt incurred for the taxpayers and we didn't even have a say-so. What's wrong with this picture? If you missed the program, you can view the video at:
60 Minutes

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