Senate Democrats passed the so called Wall Street reform bill last night, which, in my opinion will hurt economic growth, and do nothing to prevent another stock market crash. Virginia's two liberal Senators Mark Warner and James Webb voted for the bill.
I think Oklahoma Senator Tom Coburn summed up the Bill perfectly:
“This bill commits malpractice against the American people by failing to fix the underlying problems that created this mess.
“No one did more to inflate the housing bubble than well-intentioned but incompetent members of Congress who created perverse incentives to put people in homes they could not afford. This bill does nothing to reform entities like Fannie Mae and Freddie Mac that created this debacle.
“This bill also fails to protect community banks that are best suited to serve local communities and it includes weak underwriting standards. ”
Too bad Coburn is not one of our Senators.
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