President Obama made a giant error in letting “never had a real job” Timmie Giethner and “heck of a job” Larry Summers slither around his administration’s neck in 2008. Lucky us.
We must not make the same mistake.
We need to fix this thing… and Freedom Works‘ Dick Armey is the man to do it.
That’s right–in the ultimate act of true bipartisanship, I want Dick Armey and Barrack Obama to agree we should re-instate Glass-Steagall.
In 1999, Glass-Steagall was repealed and commercial banks and investment banks were finally free to debt-molest us the “slack jawed rubes.” Like incestuous Wonder Twins, they became Too Big Too Fail.
The problem with “bankruptcy” as a TBTF solution is that we cannot predict who will be in the White House or running Congress when the next financial crisis hits. But with Glass-Steagall back in place, we have far less to worry about…. Goldman Sachs will no longer be our Treasury Department.
It also means we’ll be free to repeal Dodd-Frank Wall Street Reform without hearing Obama whine about consumer protections.
The fact is in ten short years, after we ended a 37 page law, we got screwed with our pants on, and replaced it with 2319 pages of VCR instructions (kids ask your parents) written by banker lobbyists to employ lawyers.
[youtube RwetW1B3J8A $144 BILLION in Wall Street Bonuses ]
To be sure, it will be a bold and manly act of contrition from Dick Armey and many other Democrats and Republicans; it shames everyone–including Bill Clinton and Larry Summers. We are all guilty.
Dick Armey can apologize that he had no friggin’ idea banks, investments houses and supercomputers would lead to Wall Street scalping Main Street. We will forgive and love him as a great leader. He has certainly just earned it.
For his part, Obama can admit that, frankly, economics isn’t his strong suit, and he’d love to deliver Democrat votes… and then the Tea Party Freshman can tell Speaker Boehner and Senator Mitch McConnell how it is going to be.
The Establishment wing of the Republican party will not know what hit them. We will frog march them down the righteous path.
We ought to start right now; no waiting like Obama did when he was elected. We can prepare to take immediate action in January–it can be the Day One vote of 2011; a massive bi-partisan display of American Exceptionalism to put Wall Street back in Pandora’s box.
One big lift in the name of “going rogue,” and then we can partner with the Establishment Republicans on other things – like ending Obamacare.
Ultimately, I believe the Tea Party knows there is a difference between Local Small Business Wealth and Banksters and Corporatists (the rent seekers). There is a difference between good rich and bad rich, and it’s not based on their political donations or their belief in global warming…. it is based on how they earn their money.
As I have pointed out before, jobs are created almost exclusively by new local small businesses. Millions of honest millionaires live in small towns all over this country. They consume less than they earn, they start the new businesses, they make the new hires – and they have been under attack from Democrats and favor-seeking rent seekers.
It turns out that the rich are actually different from each other, and we must treat them differently.