And now they want you and me to pay to fix it. John McCain may be screaming about regulation now, after the fact. But the facts show that 9 years ago, Phil Gramm led the charge repealing the laws in place that prevented these types of subprime loans. The creation of NINJA loans (No Income No Job No Asset) created inflation that filled the proverbial bubble so fast it exploded.

In the Nobama facebook group, the creator/moderator, Brian O’Malley, posted a cartoon insinuating it was the “democrat party’s” regulations that wouldn’t allow the lil free market to reach the homeowner.  This created a bubble with a mortgage they couldn’t afford. I emailed Brian O’Malley asking his thoughts on McCain now asking for regulation:

“Very low amount of government checking, is fine.

The government’s job should be to check things, keep things
in balance. Not to meddle with them unless it’s an emergency.”

700 Billion is very low government checking? Usury laws are strict government regulations? How can the government “check things” but not intervene unless it’s an emergency? That doesn’t make any sense. If the government sees the problem, as many did, that’s why regulations were there in the first place, what can they do until it’s too late? This is cry baby capitalism. It benefits the ultra rich. John McCain’s right hand campaign man just cost you a whole lot of money…all because he wanted to make a whole lot of money.

3 years after Gramm-Leach-Bliley Act repealed the old regulations, Gramm became Vice chairman of UBS’s new investment firm.

From 2005 – 2006, Gramm lobbied Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees. Gramm made a whole of money and just cost you a shit load. This is being a fiscal conservative? This is going to keep my taxes low? I don’t get it. The republicans talk about taxes as if they are the no tax party. I’ll save that rant for a separate post.

These are the “Warshington” fat cats McCain says he is going to “fix?” What?! Fix them more money?

Source: Politico