Editor,
I see that Jonathan Madison is giving us another starry-eyed gospel about not looking to government in finding answers to the problems that the same government at the behest of big money interests brought about (“Hope: The vice and virtue in elections” in the March 5 edition of the Daily Journal).
He mentions the great financial failure of 2008 as an example. It’s amazing that he ignores the fact the government had been the adult in the room for the seventy years since the Great Depression until powerful bankers complained to both Republicans and Democrats that they were being hobbled in their wealth making by ‘archaic’ rules the government maintained.
These restrictions separated commercial banking from retail banking in the Glass-Steagall Act from which stability for the housing sector gained the bedrock reputation for conservative and sensible practices.
They knew exactly where to go to lift the burden from their desire to speculate with everyone’s money. It only took seven years to destroy the seventy years of relative stability of our financial sector and allow them to run amok. Yes, they knew exactly where to concentrate their efforts. Certainly not with the individual but that “enemy of the people” government. They knew to do the opposite of what Madison advises.
Mike Caggiano
San Mateo
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(4) comments
I do agree with you 100% about the separation in commercial banking and investment companies and it was unfortunate that President Clintons decision to reverse that policy has had such devastating consequences to our economy and a concentration of wealth at the top. Another Democrat that should be called out is Barney Frank. He made both Fannie Mae and Freddie Mac, two quasi agencies of the federal government, make it easier to qualify for loans and make underwriting guidelines easier for people to qualify for home loans. This was catastrophic and instrumental to the housing crisis. Two poor decisions, both made by Democrats.
57 Republican Senators voted yes to repeal Glas-Steagall. -0- Democrats voted yes. 207 Republican Representatives voted yes. 51 Democrats voted yes
Senator Drogan of North Dakota said on the floor of the Senate that this was the biggest mistake for America. He said we will see tge collapse of the financial system.in 10 years. He was wrong, of course, it only took 8 years. Clinton was a fool gor signing that bill. I thought so then and never changed my mind.
Both of you have good points. Corporate Democrats are too much like yesterday's Republicans. Luckily we have a good new batch of Demos that think like old line democrats. So I guess there's still hope. Nice to see voting records on this
Thanks guys
Thumbs up Mike.
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