09/26/2008
Root Causes Behind Wall Street’s Financial Woes
By Michael P. Tremoglie, The Bulletin
http://www.thebulletin.us/site/index.cfm?newsid=20138682&BRD=2737&PAG=461&dept_id=576361&rfi=8
This is the first in a series illustrating that while Wall Street was not without responsibility for the mortgage crisis, government policy initiated it - and efforts by community advocates, as well as politicians, prevented attempts to correct the problem.
“It was reckless deregulation and lack of oversight that’s a big part of the problem on Wall Street right now,” said Barack Obama at a rally in Fort Lauderdale, Fla.
Blame for the current financial crisis has been leveled at Wall Street greed, deregulation, and the free-market system. However, government policies - formulated and promoted more than 30 years ago by community organizations like those affiliated with Barack Obama - are the root cause of the problem.
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10/02/2008
Democrats Blocked Mortgage Regulations
By Michael P. Tremoglie, The Bulletin
http://www.thebulletin.us/site/index.cfm?newsid=20146707&BRD=2737&PAG=461&dept_id=576361&rfi=8
Editor’s Note: This is the second in a series illustrating that while Wall Street was not without responsibility for the mortgage crisis, government policy initiated it - and efforts by community advocates, as well as politicians, prevented attempts to correct the problem.
Although Democratic politicians have said free-market economics and deregulation is to blame for the current Wall Street crisis, evidence exists showing they themselves were not blameless.
An analysis of their actions, and prior statements, shows a sharp contradiction with their current rhetoric. Presently, advocates of the $700 billion bailout say it would not have been necessary had regulators kept a closer eye on the mortgage industry.
However, during Monday’s House debate about the rescue plan, which was rejected in a bipartisan vote, Republicans pointed to their party’s past efforts to reform the industry - efforts blocked by Democrats. In the process, 95 Democrats also voted against the plan.