Will the wall street bill end bailouts and too big to fail?
The 2010 wall street financial reform bill has passed. Will the bill end bailouts and too big to fail? My opinion is no, democrats want you to think it will end future bailouts. But that is just an easy political answer. I agree with wanting to send the message of not funding failure and stability in the market but it is not smart to underestimate the problems. Democrats have a tendency to demonize wall street and then claim they will fix the problems. The only way to stop another bailout is to vote the corrupt politicians out of office. We should not blame all of wall street for the actions of some. I think it is important to focus attention on those who helped start the problem. For example Bernie Madoff was showing his clients huge profits by committing fraud. He was able to operate year after year, potentially because he was bribing members of the government. How are legitimate companies suppose to keep their customers and stay in business in that environment? That is how fraud multiples, every company has to cheat and bribe the government to compete. Businesses create a self-sustaining system from the rules they are given. It also opens the door for a company to do a large deal with someone involved in shady deals with the government, then if they ever get in trouble they can threaten to bring down the government with them. My point is if we address the source of the problem, companies who just want stability will be much more likely to be honest and help us. I think it is important to consider when the economic meltdown took place, at the very end of the last administration. This is not a problem that happened overnight, we were likely funding fraud and failure for many years. It was not until companies were going to lose their government insiders, that they needed a bailout and took money more directly. A business model that depends on bribing the government, is not a strategy for long term success. In order to stop future bailouts we need to prevent the government from allowing and encouraging fraud. I am not saying that wall street is completely innocent. I think companies need to look at this as an opportunity to rebuild. I would also strongly suggest they consider what politicians they support. A corrupt government funded by fraud on wall street, creates a political climate that only motivates freedom fighters. Corporations do not want to leave the American people with no option but to expose their fraud. A self serving government`s power always comes to an end sooner or later, providing no stability to built a long term revenue stream. Some of the current members of congress who helped cause the bailout, now say they will not vote for a future bailout. But they refuse to admit their involvement, passing the blame on the others. What do you think the chances are of another bailout, if these exact same people are put back in charge? Preventing another bailout and stopping the government from declaring companies too big to fail is a never ending job for we the people. There is nothing free about freedom.
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