After the Great Depression, Congress passed several pieces of legislation designed to split up the banks from the insurance companies from the stock investment companies and so forth. There was great complicity between these companies in the dynamic forces that created the situation where the Great Depression could, and did, occur.
These same restrictions were subsequently undone in recent years and here we are, facing the same ugly threat. Who did it? Congress. At whose suggestion and request? Those same banks, investment companies and stock companies.
Congress has an oversight committee that is supposed to monitor what is going in with the economy not only in our country, but world wide as well. Greenspan went to the Hill on a regular basis to report, as Bernacke does now. And, the committee has oversight with the Secretary of the Treasury and the myriad of regulatory agencies under his, (Paulson's), control. These regulatory agencies did not do their jobs, or this situation could not have become the national emergency that it is now.
Now, you can lay the blame on all three parties, as far as I am concerned, being Congress, the companies, and Treasury. They collectively either allowed or conspired to have these things, these lacks of good sense and management, to occur. They know it and have already tried to justify it by saying that they were trying to help the economy grow, blah blah.
To the FBI who is now stepping in to investigate, I say "follow the money trails." To Bush, I say "Fire Bernacke." To the American people, I say fire Congress. Vote the incumbents out and tell the new Congress to restrict these companies from doing each others business, and doing the American taxpayer at the same time. Prohibit insurance companies from being bankers and prohibit investment companies from selling insurance, and so forth.
Get back to the basics.
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