Midknight Review -- new and revised: Wall Street did Not cause the recession. If you disagree, it is because you do not understand American free market economics.

The following excerpt form The Hill gives us our motivation for this post:

Speaker Nancy Pelosi (D-Calif.) joined President Barack Obama in criticizing the Republican House leader for likening the Wall Street reform bill to "killing an ant with a nuclear weapon." She also criticized House Minority Leader John Boehner (R-Ohio) for suggesting a five-year rise in the retirement age.

Pelosi, in a press conference Thursday, said it was "no surprise that Republicans opposed [the Wall Street reform] legislation." "It is a situation that some have called 'an ant.' An 'ant.' A-N-T, ant," Pelosi said. "Would you call an ant the loss of 8-and-a-half-million jobs? The loss of $17 trillion in household wealth among the American people? And a very major recession for our economy?"

Here is the context concerning Boehner's comment: the seriousness of the jobless recession has generated another "Democrat crisis" that "demands" Wall Street Reform -- and the proposed finance reform bill is reportedly only one vote short of passage. Obama's takeover of the economy took government control from 20% of our economy [before he assumed the throne] to 60% of the economy with the passage of the finance reform bill and THAT is what Boehner has in mind. Understand that Wall Street was NOT the problem.

If "reform" is needed, it involves the rethinking of regulatory concerns -- not a 2300 page bill that no one will read before voting; a bill that does not mention Fannie and Freddie which were the primary players in causing the current recession.

Wall Street's contribution to the current mess is "antish" in comparison to the real causes of the recession and the Wall Street reform bill, ignoring these causes , is over-kill, to say the least. Look -- if Wall Street were the problem, things should be pretty good, right now --- Wall Street if relatively healthy, is it not ? Understand that Wall Street RESPONDS to economic conditions, it does not CAUSE economic conditions. That is a fact.

What we have, here, is an unpopular Administration floundering around desperately trying to find a "cause" that will take them to victory in the coming midterm elections.

Boehner is correct and Obama/Pelosi know exactly what the Minority leader intended with his remarks. --- jds
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The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

Wall Street did Not cause the recession. If you disagree, it is because you do not understand American free market economics.

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