Posted on 04/16/2009 6:54:31 PM PDT by Kaslin
Finance: House Speaker Nancy Pelosi wants a broad "probe" of Wall Street, much like the 1932 Pecora Commission that led to sweeping bank reforms. Good idea. Let the probing begin — with Pelosi's Congress.
The Pecora Commission led directly to the Securities Act of 1933, the Securities Exchange Act of 1934 and the creation of the Securities Exchange Commission in 1935 to oversee Wall Street.
Now Pelosi's calling for an encore. "People are very unhappy with these bailouts," she noted, especially the bonuses that went to executives. "Seventy five percent of the American people, at least, want an investigation of what happened on Wall Street."
No doubt, that's true. The problem is, what "happened on Wall Street" was a direct result of what happened on Capitol Hill. And we're not the only ones who believe that, by the way.
"Government policies, especially the Community Reinvestment Act, and the affordable housing mission that Fannie Mae and Freddie Mac were charged with fulfilling, are to blame for the financial crisis," wrote economist Peter Wallison, a fellow at the American Enterprise Institute, recently.
(Excerpt) Read more at ibdeditorials.com ...
Pelosi is totally clueless as always
“House Speaker Nancy Pelosi wants a broad ‘probe’ of Wall Street”
Good idea. You know, I don’t think anyone’s ever thought of looking into Wall Street. Is there even a regulatory agency for them? I mean, it’s not like Congress was advised over and over and over about possible problems in the recent past.
Proctologist Pelosi, Probing Capitalist Pigs Progressively
She's passing the buck. The sad part is that so many Americans will buy it hook line and sinker.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.