comment of commentReader comment on: Richard Epstein on Income Inequality Submitted by ron hansing (United States), Oct 27, 2011 14:16 FIRST, I opposed tarp. Second, Everything they did was legal, put the blame on congress, they passed the commodity trading act with a 100% voice vote without debate on dec 23rd 2000. Third, everybody has the right to petition (lobby) the government. Corporations are people, workers, stock holders, pension funds etc. All groups, small or large, Union, church, ethnic etc, have this right guaranteed under the constitution. what kind of a system would we have someone or even the majority passing a law that only their special interest group can petition the government. To paraphrase Orwell, "All Americans have the right to petition the government.... but some Americans have more rights than others. " As far as Tarp is concerned, I beleive that the majority in congress who voted for tarp were democrats, by a rather large margin. The origin of the bubble also was due to congress with its desire to put more people into homes even though there were questionable reliable. In fact Our President, voted in 2005 not to put financial restrictions on fanny and freddy preventing the republican controlled senate from having sixty % for closure. I beleive the democrats voted "No" in lockstep. All this information is widely available on the internet. If you have read the WSJ for the year after Tarp, the debate was what is "Too big to fail" No one came up with an answer. In baranke's own book, he said it was a gut reaction... Well, he didn't say it exactly that way, but he said that with his experience and 30 years in finance, that was his" Let's say it, GUT reaction" Most of the tarp money has been repaid with interest. many banks were forced to take the money. So they took it. wh wouldn't, actually they couldn't refuse. Here again, this is the fault of the government. The fundelm FIRST, I opposed tarp. Second, Everything they did was legal, put the blame on congress, they passed the commodity trading act with a 100% voice vote without debate on dec 23rd 2000. If crimes were committed, take them to a court of law. We are a nation of laws. Third, everybody has the right to petition (lobby) the government. Corporations are people, workers, stock holders, pension funds etc. All groups, small or large, Union, church, ethnic etc, have this right guaranteed under the constitution. what kind of a system would we have someone or even the majority passing a law that only their special interest group can petition the government. To paraphrase Orwell, "All Americans have the right to petition the government.... but some Americans have more rights than others. " As far as Tarp is concerned, I believe that the majority in congress who voted for tarp were democrats, by a rather large margin. The origin of the bubble also was due to congress with its desire to put more people into homes even though there were questionable reliable. In fact Our President, voted in 2005 not to put financial restrictions on fanny and freddy preventing the republican controlled senate from having sixty % for closure. I believe the democrats voted "No" in lockstep. All this information is widely available on the internet. If you have read the WSJ for the year after Tarp, the debate was what is "Too big to fail" No one came up with an answer. In Baranke's own book, he said it was a gut reaction... Well, he didn't say it exactly that way, but he said that with his experience and 30 years in finance, that was his" Lets say it, GUT reaction" Most of the tarp money has been repaid with interest. Many banks were forced to take the money. So they took it. wh wouldn't, actually they couldn't refuse. Here again, this is the fault of the government. The fundamental issue is that federal government rewarded failure, and punished success. This was a gross failure of our democracy. They are supposed to look after all of our interests, not to be influenced by donations. We have met the real enemy and that is us. WE elected them. Ron hansing 10.27.11 Note: Comments are moderated by the editor and are subject to editing. Other reader comments on this item
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