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McCain: Call for Wall Street Commission Bogus

September 16, 2008

A consumate politician calls for a symbolic political move of little value: commentary by E. Manning.

Real politics or air pollution?

Real statesmanship or political air pollution?

The smell of politics is in the air and the smell is foul indeed! John McCain has taken a political step to clarify his understanding that Wall Street is in “crisis.’’ In a bold sweeping statement, McCain cited “unbridled corruption and greed that caused the crisis on Wall Street.’’

With “renewed courage”, McCain has called for the creation of a commission to study the problem, similar to a commission that investigated the September 11 attacks. American taxpayer, are you buying off on the political symbolism or do you opt for more practical measures that actually make sense?

Quite honestly, there is no need for additional money to be spent on an “honorary panel of investigators.” The Federal Bureau of Investigation and the Securities and Exchange Commission are already supposed to be working on the problem of banking fraud and corruption that brought the national economy to the brink of collapse. The laws in place need to be brought full force to punish the fraud and corruption in the banking, finance and mortgage industry. The nation and the federal government needs to follow those laws strictly, making a point that zero tolerance for banker, corporate and financial fraud will be tolerated.

a path to the future?

appeasement: a path to the future?

The debate spurred yesterday about the economy led John McCain to herald the value of the American worker without addressing the real needs of the economy or the cause of national economic decline. This political soft touch did not bring the rewards and gooey-warm feelings that were intended. 

McCain has spent the morning defending his soft touch comments against the harsh reality that the nation faces. “We need a 9/11 commission, and we need to figure out what went wrong and how to fix it,’’ he said. “And I know we can do it and how to do it.”

Any blathering politician can start a commission to “investigate” a problem that is already well documented with provisions underway for criminal punishment. Congress needs to let the FBI earn its keep by doing what we fund them to do: investigating and prosecuting federal crime. There is little strength or honesty in founding a commission to deal with a problem in a symbolic way to stir sentiment politically. Yet, that is what McCain is attempting to do. He is testing the political waters of appeasement.

pandering or solutions?

McCain: pandering or solutions?

“We know how we got into this mess. What we need now is leadership that gets us out.“ McCain’s leadership is questionable considering his past connections to the banking community and the Keating Banking Crisis from years ago. His lack of true leadership in the Senate is not encouraging. The Keating debacle is behind us, but John McCain nor his family is squeaky clean where banking is concerned. Politicians need to let the criminal investigation continue and encourage the FBI and other watchdog authorities to get the goods on criminal banking activities.

Congress needs to work with their authority to be certain that the activities that brought the crisis around are not continued, rather than allowing the Federal Reserve System to rubber stamp the same conduct all over again because corporate profits and personal profits are at stake. The bottom line is that government involvement in Fannie Mae and Freddie Mac brought the mortgage crisis around through the creative use of securitized bonds. This became the trend and rage for the banking community to use aggressively and ultimately led to the abuse and fraud that has been committed against the nation and the world. The entire scenario is treasonous, originally encouraged and continually promoted by the same federal government that now says they want to cleanse the nation of the debacle.

We need more than tough talk and symbolism. The nation needs action and decisive movement to eliminate any future abuse of the system in the same way. If that can’t be done effectively, the financial processes that brought the nation to its knees must be altered and changed forever. Bankers cannot be implicitly trusted. Regulators have not done their job. Laws have not been enforced. Politics has allowed for convenience and carelessness. Does the nation need a commission to determine the truth that the nation already knows? Hardly.

John McCain, this nation doesn’t buy off on your kind of useless symbolism. Get real and come up with a real plan like standing behind prosecuting corruption in banking and finance. Some of us understand your reluctance because your past is so close to your heart. ~E. Manning

2 Comments leave one →
  1. uhuru721 permalink
    September 16, 2008 2:28 pm

    Phil Gramm pushed through the legislation that allowed the deregulation of investment banking and the subsequent marketing of “derivatives” that are falling apart and causing this crisis. McCain thinks Gramm is an economic genius and would probably float him to run the Treasury Dept if he actually gets elected.

  2. g english permalink
    September 16, 2008 2:26 pm

    A Republican who voted with Bush on the economy 95% of the time saying that he wants to take aim at the “unbridled corruption and greed that caused the crisis on Wall Street.’’

    It just doesn’t get any funnier than that.

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