Why Congress Is Failing America

This is pure and simple a Republican produced mess and a Republican obstructionist mess. They want their cake and eat too. The House Republicans fearfull of their base in November, are just playing politics and throwing monkey wrenches at the bail-out plan so they can look tough to their constituencies at election time. They screw everything up, ask for irrational things like more tax breaks (GIVE ME A BREAK!!) and can then say they stood up to those tax-spending Democrats at election time; what a bunch of hypocrites.

Whoever can differentiate the vices corrupting Wall Street from those paralyzing Washington D.C., should step forward and explain. Greed is nothing unless it has power to go along with it.

Bend over here comes the congress.

Nearly $300B short of a trillion went to one company, no questions asked. It's a scam.

Republicans rise to the occasion again. They created this mess, now they're going to make it worse. To add insult to injury, they'll blame someone else like they always do. While they're at it they'll ask for a few more tax cuts for the wealthy and less regulation. A capital gains tax cut? Are they insane? The defecit's not high enough? By wiping out the capital gains tax, they defunct their idea of the private sector buying these distressed securities. What possible motivation would any bank have for buying up other banks bad securities when they can't take the loss against their capital gains tax? It's moronic. These backwards Republicans won't be happy until we're all dirt farmers.

Wamu was failing long, long before Congress was asked to fund the bailout plan. The timing is rather unfortunate, but Wamu's troubles began at least 2 years ago, and Chase's purchase of it is an excellent example of "the market" (with an assist from the FDIC and probably the Fed) taking care of a major problem. What is needed is a much stronger, cohesive and politically insulated regulatory framework to address and prevent future problems in the financial services industry. The current system, a patchwork of different agencies with competing and conflicting interests, combined with no supervision of many companies directly responsible for the mortgage crisis, is a contributor to this current mess.