S/SW blog philosophy -

I credit favorite writers and public opinion makers.

A lifelong Democrat, my comments on Congress, the judiciary and the presidency are regular features.

My observations and commentary are on people and events in politics that affect the USA or the rest of the world, and stand for the interests of peace, security and justice.

Sunday, April 25, 2010

A Senate hearing showed there was fraud at the credit rating agencies, according to David Dayen at Firedoglake.

Like the author I watched the Levin hearings on Friday; I may have had many of his same feelings. Waves of disbelief, disgust and discouragement made me realize how this smaller piece of Wall Street stupidity and venality fit in to the larger financial system. It was this same system that led to the financial crash at the end of the Bush administration. Monday will see the Senate have its first test vote on the financial reform bill. It is time to try to clean up this mess, but it will not be easy.


Todd Curl said...

Well, disgust and discouragement were definitely words that came to mind. Disbelief, however, was not one of them. Unfortunately, this is typical due to years of a total lack of oversight on the Banking/Credit Issuing Industry. Just another example of the golden rule: those with the gold make the rules.

Carol Gee said...

Todd, sorry it took me so long to reply to your insightful comment. As it happens, I got mesmerized by watching the Goldman Sachs Senate hearing and the to and fro between Dems and Repubs about debating the legislation.
I was most struck by the amorality of the Goldman Sachs employees. They are a cold-eyed bunch of dudes, it seems to me.

Todd Curl said...

Yes, they are indeed a "cold-eyed bunch of dudes." Unfortunately, I've seen it play out before: a senate hearing where these corporate criminals are given a sharp tongue-lashing by the more "liberal" senators. Regrettably, this is usually the extent of the inquiry. Little, if any, action is taken to actually change their behavior and actually prosecute them for their crimes.

In this case, I doubt little will come of the hearing, as usual, especially considering former Goldman CEO Henry Paulson recently served as Secretary of the Treasury. If DEM and GOP administrations alike put these criminals in charge of institutions designed to protect us from these same criminals, what hope is there?

Carol Gee said...

Todd, I remain the eternal optimist. Small bits of progress are better than no progress. If financial regulation reforms improve the situation it will be a good thing. Prosecution for wrongdoing during the previous administration is, unfortunately, not this administration's long suit. You are right to wish for it, for sure.
Thanks. . .

Todd Curl said...

I guess I'm the consummate cynic when it comes to politics. But as far the current administration prosecuting the crimes of the former; that would be unrealistic considering the current administration is perpetuating many of the same policies and positions of past administrations--including putting the "foxes in charge of the hen house" so to speak.

I think it's intellectually lazy as well as inaccurate to blame everything on the Bush administration when Obama has shown little interest in actually pursuing policy that does anything other than maintain the status quo. I know many ardent Democratic Party supporters consider my views "radical," but I try to base my perceptions on actual facts, not hyperbole, which "liberals" and "conservatives" throw in each other's faces despite minor and peripheral differences in ideology.

OK. Sorry for the long pedantic comments today--I guess I'm in hyper-writing mood--too much caffeine. I'll tone down my own hyperbole:)