Friday, April 30, 2010

The Fight to Rein in Wall Street

This week every Republican Senator followed their leadership over a political cliff. Every one of them voted against debating a bill that would hold the big Wall Street banks accountable. By not allowing debate on this matter, the bill can't be brought up for a vote. They are steadfast in siding with Wall Street while two thirds of the American population is on the other side of the fence wanting the bill to pass as fast as possible. What the heck were the Senators thinking about? Have they forgotten that the recklessness of big Wall Street banks cost millions of Americans their jobs and cost millions more their savings and pensions.
As an American I am furious at this stance. I was reluctant to give the big banks a bailout when they came with tin cups in hand but I knew it had to be done. Now these same banks are making billions in profits and even stuffing millions of dollars in bonuses into there ungrateful pockets while millions of Americans are losing their homes. If this kind of stance doesn't make you want to join the Democratic party nothing will.
I have nothing against banks but lets face it, Wall Street banks are not the banks the average Joe understands. Joe's bank doesn't bet against the American housing market or sell investors securities that are selected to fail. The Wall Street banks don't make loans to business or individuals. They gamble as though they were in Las Vegas with the only difference being they use your money instead of theirs.
The Republicans finnaly came to their political senses. After three days of blocking the debate they finnaly gave in and allowed debate to begin. Now the process of a vote will happen very quickly. One way or another the bill will pass, the American public demands it!

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