Posted by Sparkman on April 9, 2009, 1:29 pm, in reply to "Re: G-20 Summit: "Give the this guy a chance"."
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Well, John, it's nice to meet you, but I believe you are missing the point, not to mention being a little over-sensitive. When I read this, my interpretation is the EU is trying to control the financial market and continue moving toward a one world banking system and possilby one currency. This effort has been going on for a very long time and it is not blaming Obama.
Furthermore, Obama is not responsible for all the toxic loans and the $62 TRILLION in credit default swaps that were written with no regulation or oversight, and no reserves requirements for bad debts. The argument is the banks should have been allowed to either file bankruptcy or go into receivership rather than being bailed out for $2 TRILLION which won't come close to covering the losses, The $700 Billion that Paulson asked for with a three page proposal (UNBELIEVABLE) was enough money to Buy time for those clowns to get out of office and leave the rest to Obama and Tiny Tim.
Instead of doing the right thing under the Prompt Corrective Action Law of 1991, they are continuing the Paulson actions of trying to bail them all out and buy time, which is only going to lengthen the process and may do more harm. I'm all for giving Obama a chance, but he needs some new financial advisors who, first of all, inform him of what the law is and how to implement it.
They also need to reinstate the Glass-Steagall Act and the uptick rule as well. We should have learned some things from the Depression and the Savings & Loan Crisis, but, so far, it doesn't look like it.
Lastly, the Supreme Court needs to look at the actions from 4/2/09 and determine the constitutionality of what happened. The ball is now in Obama's court, and he needs to do the right things. That's not bashing!!
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