The Blue Print
on Banking, Housing & Urban Affairs:
You have to be taught to walk before you can learn to run, and if the Democrats have any say in this Republican dominated committee; banks will be on a tight regulated leash for quite a while.
The bamboozlement of risk taking banks at the expense of their customers forced America into its current predicament. Dem. Senator Kent Conrad (ND) addressed the biggest crisis as “the housing market mess.”
Banks have given loans to a large amount of people with salaries that would require almost 70% of their income to go towards mortgages. Dem. Senator Diane Feinstein (CA) expressed her sentiments of what the GOP should be about: the American dream and the right for families to own a home.
The Republicans would like to revisit the Community Reinvestment Act of 1979 and remove all amendments made to return it to its original form. This original form would remove regulation and leave it to the banks to back the money of the people.
The Republicans put their trust in our banking system after the bailout. Even one of his Republican colleagues, Rep. Senator Jim DeMint (SC-Jr.) asked the question, “When has the country learned from their mistakes?”
Burr immediately rebutted the question using the example of an idiot who has “once burned, twice learned”. In actuality, the old saying is “once burned, twice shy”.
If Rep. Senator Richard Burr (NC Sr.) dares to compare the banking system to an idiot, then how does his party plan to put complete trust in the hands of their CEOs?
The banking system has already failed the people once and their government. If anything it’s the government that has “once burned, twice shy”. The government has the duty to remain cautious and guarded against the banking system because their people were once burned badly. Our idiot banking system has to learn a lesson and our government needs to teach them.
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