Congress Disgusts Me (and everyone else)

Let me say I was disgusted when Obama hired Geitner and Summers as the heads of his financial group. Nothing like putting the foxes in charge of the hen house. When I voted for the bit O, he had Volcker on his financial recovery team, but right after election, Volcker was quickly relegated to a back seat. I like Volcker, a straight talk kind of guy who really gets what is going on here. And at last we have a regulation that bears his name; not his idea, but his name.

You see Mr. Volcker would love a three or four page regulation prohibiting banks whose deposits are federally insured from trading for their own benefit. No trading, no derivatives, no nuttin'. It is simple in it's origins. Indeed, before 2000 it existed in the form of the Glass-Stegall Act. You see, banks since the Great Depression, i.e. 1932, were prohibited from doing the investment cha cha. They had taxpayer money and federal guarantees and had to be just banks. Boring yes, but they did not have a window to throw us into the chaos that we just suffered.

Now in 2000 Glass-Stegall, which had been around for nearly three quarters of a century was repealed. The act to do so was sponsored by three Republicans and was known as the Gramm-Leach- Billey bill. It was done under the watch of (and signed by) Bill Clinton, who I otherwise think did a good job (despite his cigar proclivity). It was torn up with great fanfare with a number of Republicans and President Clinton almost consumed in jubilation.

Well, the Volcker Rule, as it is now called, was basically meant to but Glass-Stegall back into place. What began as a three page letter by Volcker has turned into a Republican bastardized 298 page piece of legislation filled with more holes than Swiss cheese. Volcker himself is disgusted with this and you should be too. All we really needed to do is repeal the legislation that repealed Glass-Stegall. It worked for nearly 70 years and could work again. Better that than 298 pages of loopholes.

http://www.nytimes.com/2011/10/22/business/volcker-rule-grows-from-simple-to-complex.html

I have been involved in more politics lately than I would like. Given I majored in political science you would think that I would love this, but it is all about money these days. Politicians go to the highest bidder on a regular basis and I am disgusted by it all. I see it every day and yes they do go to the highest bidder. Money talks and what is right walks. The new 298 page Volcker Rule legislation is proof that money talks. And those against it will blame it on Paul Volcker, who had nothing to do with the bastardization of his very good suggestion. I am truly disgusted. And you should be too. You need to know that a lot of folks we vote for are not representing us; they are representing the big banks and corporations that provide them monetary support, either in campaigns or under the table. Absolutely disgusting.

Disclosures: I am disgusted.