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To The Republicans: Stop Lying

Matter-Eater Lad

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Or should I be far more rude?


WASHINGTON (MarketWatch) - Republican lawmakers on Tuesday gathered on Capitol Hill to promote their financial regulatory reform legislation seeking to expedite the bankruptcy process and create an independent trust to oversee American International Group Inc., General Motors and other large bank bailout recipients. "We need to end the bailouts once and for all," said Rep. Spencer Bachus, R-Ala. Bachus and other GOP House members expressed concern that the Obama administration plan and efforts under way by Democratic lawmakers on Capitol Hill to reform the financial system will enshrine a culture of continued bailouts


Oh really?


Where is the legislation to re-instate Glass-Steagall?


To claw back the more than $100 billion passed to banks outside of regulatory and legal authority via AIG and The Federal Reserve?


To punish the decade-long fraud practiced in the "securitization" of trash along with the knowing sale of same - now evidenced not only by Goldman (which it has been reported repeatedly was shorting securities it was selling to customers) but, as I have recently outlined, an active lawsuit against a bank with an active and "good standing" US Charter which called something they were selling at the time (privately, of course) "Vomit"? (Fraud is still supposed to be illegal; we need no NEW laws to put a stop to that crap.)


To force the current charade of "extend and pretend" being practiced by the financial industry to end and those who have huge embedded (and/or off-balance sheet) losses to own up to them and, if it bankrupts them, so be it? (Again, fraud remains illegal - I think!)


To end the practice of buying "agency securities" by The Fed, the disgorgement of same, and the mark to market that this forces - and, if The Fed is in fact holding trash and thus is rendered insolvent, to force their dissolution?


To audit, in full and to the line item, each and every item claimed to have been loaned, bought, sold or otherwise transacted through any and all Fed programs, with the data being released to the public?


To fix both Fannie/Freddie and FHA/VA lending programs so they do not grant approvals with "back end" ratios over 36%, to require 20% down payments for all Fannie and Freddie paper, and meaningful cash (not "home buyer credit" or other dodges) down payments for FHA and VA? (You are aware that the FHA's current delinquency/default rate is over 20% and these agency computer-based underwriting programs will approve loans with 50% and higher DTIs, yes?)


To force banks to hold one dollar of actual capital against every dollar of unsecured lending?


This is just more mealy-mouth BS.


I'll get impressed when I see indictments, clawbacks, honest balance sheets, the end of unsustainable housing lending by Fannie, Freddie and the FHA, a bill to reimpose Glass-Steagall, the enforcement of anti-trust laws already on the books and more.


All I see so far from you is more lies and deceit - exactly what Obama and his administration are peddling.


Wake the hell up - America told you loud and clear on September 12th that this sort of "business as usual" and "a different color on the same policy" WILL NOT DO.


Do we need to bring TWENTY MILLION Americans next time - and refuse to leave until you ALL resign?



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