- They support liar loans.
- They support payday lenders.
- They support business's ability to wash debt away completely while NOT supporting the same for individual citizens.
- They DO NOT support the United States Consumer Financial Protection Bureau enacted in the Dodd-Frank Wall Street Bill.
- They DO NOT support removing the free market credit holders profiteering on federally backed student loans.
New entrants to our workforce graduate from trade schools or college burdened with educational debt. This debt is equal to the cost of some of our parents or grandparents 1st family residence.
This is where the financial credit trap begins.
Principle and interest accrued during the 4-6 year educational process requires decades to extinguish. This is followed by a barrage of credit card opportunities designed to get people stuck with making minimum payments on their credit line leaving them eternally indebted to revolving credit.
For the average person in America, their residence will be their biggest life investment. They take on great debt where the principle and interest of for the happy home is spread over the next 30 years. In recent history, there have been two significant housing bubbles, each supported by people who either mislead unsuspecting home buyers or people who committed out right fraud due to their unending greed.
Either way, the #GOP, against any federal regulation, allows government regulatory agencies to languish without sufficient staff to properly function. And in other cases, congress changed the law all together, removing the legal requirement to follow prudent regulations which managed the size and types of risk our commercial bank lending system was allowed to take on in their daily business practice.
During this period lending institutions are doing more with less employees while increasing charges and fees on their customers to line the pockets of the organizations shareholders.
Remember, most business's focus on maximizing shareholder value. I have no argument with the free market competition model here at all, my only argument to the sole focus on maximizing shareholder value is that this can not be the sole focus, a company has a moral and ethical responsibility to it's people, the community and the environment.
Throughout this period of time, the credit card industry offered consumer credit to folks. The best I'll say is the idea of a consumer credit line is excellent for emergencies, when an unexpected, unplanned, non-budgeted expense presents itself and people need to fund this event. Credit card rate of 25 - 30% APR sound reasonable to you, when the 10 year treasury rate is at 3.5% APR? Pay day lending services charge even worse interest rates and fees.
Allow me to digress, we appear to allow high school graduation without an understanding on how to balance a check book. We have no core curriculum to teach people the practical realities of how to budget a college career, a household,or manage a lifestyle. Many people going to trade schools and higher education institutes to learn a trade or obtain a bachelors and or master degree do not necessarily fare much better in their knowledge of the world of finance.
Why do so many people not understand the realities of our banking lending, credit facilities and overall financial system? Who was in the best position to see when the train roaring down the tracks was gaining speed in many different towns, communities, and states; the Federal Government. Why do republicans want to remove regulation?
I live in a constitutional republic, where my forefathers envisioned the need for a strong Federal Government, to be certain that individual States would not harm the nation by racing one another to the bottom. They felt the need to provide a separation of powers in order to ensure the people were protected. And that is not said better than within our declaration of Independence.
The Declaration articulates the highest ideals of the Revolution, beliefs in liberty, equality, and the right to self-determination. Americans embraced a view of the world in which a person's position was determined, not by birth, rank, or title, but by talent, ability, and enterprise.
The talent of a mason or a carpenter is no less valuable than the talent of a stock trader. The talent of a school teacher, policeman, fireman, is no more or less valuable that of the gourmet chef feeding the President of the United States of America or Mitt Romney's Campaign Manager. Talent, ability and enterprise says one is to be valued for who they are and not what family, neighborhood or social position they were born into. The talent, ability and enterprise of Special Olympics participants is no less valuable to our nation than the talents of any one of us.
Mitt Romney represents the worst of this financial system.
A system where the sole focus on maximizing shareholder value. And on extracting dollars from companies, hurting people, harming communities and often times damaging the environment while shipping what once were American Citizen jobs overseas to developing nations where companies pay slave wages to increase the return on their dollars invested.
- End the #GOP flirtation with corporate fascism for good in 2012.
- Vote the existing Republican Party leadership out of congressional power.
- Give Barack Obama four more years
Fact is the economy is close to turning the corner after following the disastrous Republican Party Policies. Remember, George W. Bush held hands with a Republican controlled for six of his eight years in the White House.
Remember the Republican Party has deregulated the banking industry and allowed a co-mingling of funds with investment firms. Trillions of dollars in derivatives are now held in commercial banking industry companies who have Federal FDIC Insurance protection.
Republicans support less government employees, want to make working for the government less attractive, stripping employees of their constitutional right to assembly and associate (form unions for representation).
And Republicans support the Supreme Court Decision that says money is speech and that corporations are people; creating a corporate fascism not seen in America for one hundred years!
It's no joke, Romney is Bush on steroids, Get out the vote in 2012.