Written by Danny R. Roman
20 September 2008
For decades, corporate lobbyists pushed their agenda of “deregulation” convincing the majority in Washington that a “free market” demanded little if no Government oversight. This last week, 3 out of the 5 largest “deregulated” companies in the financial services industry failed…and this is only the beginning; Preliminary estimates show that there are approximately 800 major American Corporations facing bankruptcy. The unimpeded naked greed of Corporate Captains emboldened once fiscally responsible banks and corporations to formulate clandestine accounting practices in the likeness of Enron, to deceive, defraud, and betray their own Companies…their Shareholders…and the Public. At a time when many of the largest American Companies are posting record losses, their CEO’s and protégés are positioned for…and have received…record payouts.
John McCain, in 1999 voted for the Gramm-Leach-Bliley Act which allowed the deregulated consolidation of commercial banks, investment banks, and insurance companies. The end result of the G-L-B Act is that it has crushed the Country economically, wiped out the home equities of millions of Americans, enriched white collar criminals beyond their wildest dreams, and threatens to eclipse the Great Depression in its scope and depth of injurious damage. The G-L-B Act was primarily written and sponsored by the man who until most recently was the Co-Chairman of John McCain’s presidential campaign, as well as his number one economic advisor. He is the one that called America a “nation of whiners”…and proclaims that America’s recession is “mental”.