No.

Congress shows it won’t bow to the threats and extortion of Wall Street. Houston area congressmen seem united in their opposition, regardless of party: Culberson, Lampson, Paul, Jackson-Lee, Green, etc.

In the meantime, how come everyone is blaming this on banks giving mortgages to people who are struggling? Let’s talk about “derivatives,” “complex financial instruments,” and the speculation that created these chimeras. Let’s talk about how we can get the financial markets to deal with reality. Let’s talk about how we can hold these folks accountable.

6 thoughts on “No.

  1. Only 9 of 32 Texas reps voted YEA:
    Brady (R-Beaumont), Granger (R-Ft. Worth), Hinojosa (D-Edcouch), Reyes (D-El Paso), Gonzalez (D-San Antonio), Edwards (D-Waco), Smith (R-Alamo Heights), E.B. Johnson (D-Dallas), and Sessions (R-Dallas)

    That’s 5 of 13 Democrats and 4 of 19 Republicans. It seems Texans got the message loud and clear to its reps that this was not wanted.

    I’m surprised to see Sessions on the YEA list. He was one of the more vocal critics of the whole scheme last week.

  2. Indeed. This is the result of speculation in the housing boom–as companies sold bonds made up of mortgages, they eventually ran out of mortgages to sell, so started soliciting riskier and riskier customers. Pure and simple greed, amplified by ever-decreasing oversight.

  3. Let’s not just blame wall street. What about the people that sought to buy houses that they couldn’t afford. They have culpability as well.

  4. Blame the poor? Blame the hard luck types? Blame those who honestly wanted what their parents had?

    No. We’re not going there. They’re not to blame. They’re not the ones who milked the system. They’re not the ones more interested in their own wealth.

    We have no business pointing the finger at them when these speculators are walking away laughing with their pockets full of cash. Like WAMU’s CEO Alan Fishman, fired after a couple of weeks on the job and given $20,000,000.

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