Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Ending the Flood of Foreclosures: Reform Financial Regulation

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion: Presidency Donate to DU
 
Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-15-10 11:33 AM
Original message
Ending the Flood of Foreclosures: Reform Financial Regulation

Many of us have suffered over the last year and are concerned about what may lie ahead this year. More home foreclosures are expected. The housing markets return to prosperity remains slow, and many whove lost their jobs cant relocate to take another job because their homes are worth less than what they owe for them.

Until Congress declares its independence from campaign contributions from the financial sector it regulates, Americans are not likely to see significant change. Its not just Republicans giving Wall Street a free pass. The Washington Post reports that the Chair of the Democratic Senate Campaign Committee, Sen. Bob Menendez (D-New Jersey), is rushing to assure Wall Street political donors--such as hedge fund and investment bank executives--that they should not take Democratic calls for stricter regulation of Wall Street practices seriously. Despite the current outrage that Wall Street has engendered and populist calls from both Democrats and Republicans to reform it, Senator Menendez recently told a Post reporter, "I remind them that there is a difference between what is said and what is done."

Jennifer Brunner's diary :: :: Americans are hurting because of a financial system that has rewarded unprecedented risk taking with other peoples money. Deregulation has allowed the financial system to evolve into a world where elite wizards exact exorbitant sums as must-have financial "talent," even when they have miscalculated, stumbled and harmed countless individuals in the process by taking irresponsible and unconscionable risks.

In 2008 and 2009 Americans averted the equivalent of a crash down a cliff that could have kicked off a financial avalanche. Now, as more and more ordinary Americans lift up their heads from their daily grindstones, theyre smacked in the face by these very financial institutions theyve saved that are paying exorbitant bonuses to their top "talent" to keep the financial wizardry churning. Their "thanks?"higher credit card fees, tightened small business credit and near oblivion to the concept of shared sacrifice. The ever-escalating costs of campaigns keep Congressional candidates tied to the institutions they oversee, even though constituents are clamoring for real change that reflects their values.

As a Democratic candidate for the U.S. Senate for the open seat now occupied by Sen. George Voinovich (R-Ohio), I am focused on shining some honest light on how we got into this mess and how we can get out of it. Changes in regulation must benefit not only sustained economic growth for our country, but must make financial institutions work better for everyday Americans.

Continued>>>
http://www.dailykos.com/storyonly/2010/2/15/837185/-End...
Printer Friendly | Permalink |  | Top

Home » Discuss » General Discussion: Presidency Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC