You know the problem that I have with you Bill? Actually, it is in the form of three basic problems.
1. The government is not in charge. The international banker cartel is in charge. So for you to say you are giving the power of government from government to the people is disingenuous. We have a problem with corporate fascism, not communism. The middle class was robbed by corporate ponzi fascism.
2. Wall Street is bleeding and wants social security. They are losing the boomers, the money is staying on the sidelines, and 401k money is being withdrawn for hardship. Wall Street greed is fueling the CNBC push for social security money. Quit helping them and don’t allow the banks to divide the old from the young.
Wall Street has a scam, and that is to divide mainstreet so that mainstreet gets all confused and cannot see that these bankers are the evil ones. And I mean starting with the private Federal Reserve Bank, and the Basel 2 central banks who allowed hiding bad loans in 1998. They allowed off balance sheet banking Bill. That and the repeal of Glass-Steagall were the root causes of the credit crisis, Bill.
3. The government may have pushed loans for the poor. But those loans make up a small portion of loans that have gone bad. And the banks set up a system for the problem with bad loans. The repeal of Glass-Steagall, that allowed insurance to be written on the bad loans, allowed banks to write loans on all manner of credit scores with lies and with no documentation. You know who spearheaded the repeal and the scam? Phil Gramm, a Republican. And the vote was 90 to 8 with a pox on both parties, Bill! They all ought to be prosecuted if they gained one thin dime from the repeal, Bill.
Option arm loans and jumbo loans had nothing to do with the original subprime loans. Henry Paulson said those were contained, and if those had been the only bad loans he would have been right. Turns out they were a small portion of the bad loans. So quit blaming the poor people for the credit crisis Bill!
So interested in your response if you could give us something to believe in here.