New York City -- Wall Street and the financial industry got two huge gifts over the weekend, the promise of a $700 billion bailout fund to take bad assets off their books and permission from the Fed for Goldman Sachs and Morgan Stanly to borrow from them directly in exchange for those venerable Wall Street Insitutions becoming banks subject to the rapidly mushrooming oversight of the Fed. Are they grateful? Apparently not.
The Wall Street Journal reports that financial industry lobbyists and Republicans are rushing to block Democratic-sponsored efforts to keep Americans in their homes as part of any deal that bails out Wall Street and also block efforts to undo some of the more draconian bankruptcy and debt law changes carried out by the Bush Administration that make it virtually impossible for many average Americans, including GIs, to ever pay off or escape their debts.
Not surprisingly, Barack Obama's numbers are up and McCain's are down as Americans see the injustice of their having to bail out Wall Street without receiving any relief themselves. Democrats should stick to their guns on insuring that any deal keeps Americans in their homes and includes provisons for family debt relief as well as Wall Street debt relief. If Republicans do not agree to measures to keep Americans in their homes, they will be the ones blocking legislation. Democrats should send fair legislation to the President whose duty will be to sign it.
Post new comment