THE DOCTOR IS IN
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LAS VEGAS-Hello America, and how is the world treating you?
The Republicans are bad news.They clearly are the party of "No." The Republicans stand in lock step and say "no" so as to prevent any legislation, policy and even any ideas of President Obama. They pulled their nonsense during the health care legislation and now they are at it again with the financial legislation. The Republicans know that Wall street brought the country to its knees with the worst recession since the Great Depression and yet they refuse to legislate meaningful and strong legislation and hold the greedy big banks accountable.
They want to water down any legislation that would regulate the banking industry and they have refuse to debate the matter in public. The Republicans want to go behind closed doors and debate and manipulate the legislation to the financial giants benefit. Why? You guessed it. MONEY! The Republicans have already met privately with the banking elite and had the gall to ask these financial manipulators for donations. What a joke. These politicians are looking out for their own skin. Out of one side of their mouth they say they are going to regulate the financial sector but out of the other side of their mouth they are asking banking lobbiysts and the CEO's of Wall street for money for their own coffers.
There is currently one Democrat that is siding with the Republicans to stall, or kill financial legislation. His name is Senator Nelson,a conservative Democrat representing Nebraska. It looks like this Democrat is playing the money game just for his own personal gain and for the benefit of his friends.
Nelson owns substantial shares in Warren Buffett's business organizations that may be worth millions and he wants to have any financial bill exempt Warren Buffett's holding in the sloppy, junk investments known as "derivatives." This guy who has a relationship with Warren Buffett and is financially invested in Nebraska billionaire Buffett's businesses actually wants to exempt "existing derivatives" from any new regulations. Why? Because Buffett holds these exotic securities and the billionaire will have his assets protected, especially with the help of Nebraska Democrat Nelson and now Senator Dodd. The sad part is Senator Cris Dodd, D-Conn is considering giving away tight regulation of derivatives just to pacify Nelson and Buffett. Again, what people on Main street are going to get is another watered down bit of legislation. The beneficiaries of any deal will be the Senators in Congress and their rich friends.
To have strong regulation and teeth in the financial legislation any and all (existing derivatives and all future derivatives) should be traded openly in open exchanges and cleared through a third party that would guarantee these obscene instruments and there also should be a demand for collateral for all of the derivatives being traded. But currently it appears Senator Dodd is waffling and will pander to Nelson and billionaire Buffett so that he can get Nelsons vote.
Shame on Senator Dodd and the Democrats for giving away the store again. This is becoming a habit with this administration.They give away the store to Republicans and the Republican leaning Democrats.
My thoughts are the administration should keep the strong regulations in the bill and ignore Nelson's demands. Do what is best for the protection of the Main street public. Christ, the Dems are in the majority but for financial and political reasons they continue to buckle under to interests that are not in the best interests of John and Jane Doe.
Finally, this administration could demand and push through the same regulations this country had in place following the Great Depression. Those regulations that were imposed on the financial community in the 1930's worked very well for decades. I say, why not follow that old adage, "If isn't broke, don't fix it."
The regulations that were introduced following the Great Depression were not broke. They worked but politics and greed dismantled those excellent regulations for special interest groups personal financial gains. Look where it got us. And now, these same politicians are watering down a weak, anemic attempt at regulation.- And, that's my opinion.
Bradley W. Kuhns, Ph.D., O.M.D.
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Dr, Kuhns can be reached by e-mail at:
bradleykuhns@gmail.com
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