Dodd financial reforms won’t fix banks
OPS_admin | Mar 18, 2010 | Comments 0
Peter Morici -
America’s banks are as vulnerable today as before the credit crisis and reforms offered by Senate Finance Committee Chairman Christopher Dodd won’t fix things.
Prior to the crisis, Americans spent vastly more than they earned, borrowing against overvalued homes through creative mortgages. Banks offered adjustable rate mortgages and other products that unrealistically assumed homeowners could shoulder much bigger monthly payments after five years or refinance homes at higher values. Often incomes and home values were not verified and similar games abounded on credit cards.
Many borrowers knew they faced calamity but cultivated delusions that their paychecks would miraculously increase and housing prices would perpetually rise to finance lifestyles built on fantasies more than facts.
Full Story: Outside View: Dodd financial reforms won’t fix banks – UPI.com.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
