RE: Game on
Call me crazy, but why is the government bailing out financial institutions that turn around and lobby against financial system reform legislation? One notion that has been creeping up on me for the past several months is that financial institutions that are "too big to fail" should be allowed to fail and legislation passed to prevent them from getting so big again. I freely admit that this might be an emotional reaction that should be dismissed upon more serious and informed reflection, but it's starting to feel right to me.
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Hi, Crazy:
1. Lobbying is a form of political organizing and constitutionally protected free speech, with protections against abuse. TMP would be lobbying if only it could get access to people who matter.
2. "financial system reform legislation"?? They are lobbying against a law where anybody with a mortgage (including people who can afford monthly payments) can go to the bank and demand a reduction of principle, at whim.
3. "Too big to fail" means these top banks account for an obscene about of lending in this country. If they fail, you and I won't be able to find a loan to refinance.
If you don't like "big", I assume you're also agitating for allowing GM, Ford and Chrysler to fail (as I do).
If you want legislation passed to regulate the size of a company in order to prevent "big", I think you should seriously consider Venezuela for your next residence.
In any case, I hate these fucking bank lobbyists just as much, everyone should have a right for a free ride.
February 26, 2009 9:37 AM | Reply | Permalink