By Libby
Since it appears it would take Congress three days short of never to address the mortgage situation, the Fed is attempting to step in and issue some new regulatory controls on lending. Needless to say the financiers are not happy
As the Federal Reserve completes work on rules to root out abuses by lenders, its plan has run into a buzz saw of criticism from bankers, mortgage brokers and other parts of the housing industry. One common industry criticism is that at a time of tight credit, tighter rules could make many mortgages more expensive by creating more paperwork and potentially exposing lenders to more lawsuits.
Right because if they made rules setting ethical standards then they might get sued for breaking them. The Fed is already backing down and it's clear Congress isn't about to take up the slack. DWT notices the cozy relationship between the lenders and their would be overseers.
In 2006 the finance, insurance and real estate industries donated a total of $258,824,573 to candidates for office, most of it to Republicans and reactionary Democrats. So far this year-- and we're not even halfway done-- these public-minded industrialists have already given $209,078,445, an amount estimated to reach around $750,000,000 before November. Isn't that special? 54% has gone to Democrats, although much of it to very conservative Democrats who work closely with the GOP to push the agendas of these paymasters.
Go to the post for the complete list, which by the way includes all three presidential candidates with Hillary Clinton leading the pack on deep pocket money. I don't know how it could be any clearer that the only thing that this election is going to change is how we elect the next person who will end up kowtowing to the corporatocracy.
That's not to say that changing the electoral dynamics isn't good, just pointing out that it's probably not going to change the dynamics inside the Beltway very much.
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