Furthermore, I'm frustrated that the CEOs of these failing organizations have been allowed to keep their multi-million dollar retirement packages and compensation in the millions of dollars, while the American public suffer the consequences.
Government plays a part too. Chris Dodd and others in the Senate have been taking money from Freddie Mac and Fannie Mae, as well as other failed institutions; and have been taking this money for years. Dodd has been taking money from the organizations he's supposed to be overseeing. In fact, Dodd has received more money from them than anyone else in the Senate.
The second place goes to Barak Obama, who has barely been in the Senate his first term.
There goes the mudslinging. Obama has the nerve to point at McCain and associate him with Bush, and suggest to the American people that voting for McCain would be voting to further the "same old failed policies". The reality is that voting for Obama would be voting for the same old policies.
Obama's resume is inflated. People are finding this out, but what gets me is that they seem to be ignoring it and falling for what he says. Dodd, you'd think, would have people after him with a noose and a long rope, but instead, they're listening to him as he blames Bush for everything (even though he's been the head of that same committee in the Senate for nearly two decades), while Bush has only been in office for 8 years.
Don't get me wrong. Bush deserves a heavy slap on this one too. He appointed that guy that oversees the SEC. That guy knew that AIG was buying up bad loans. Did he tell the American people or sound any alarms? No. And millions of Americans, who have 401(k) plans invested in AIG, were affected by it's failure. And Bush's appointee knew it was happening and did nothing to stop it.
Consider with all the fingerpointing, that in 2006, there was a bill proposed to pull in the reins a little bit on Fannie Mae and Freddie Mac. The alarm was being sounded that a failure could occur. The measure was voted down though.
Who proposed this measure? It was Senator John McCain.
There are a host of people to blame about this. Greenspan got it wrong. Dodd should resign. Barney Frank should resign. Obama should resign. Others should as well. Bush is rightfully to blame as well. McCain had it right over 2 years ago; I just wish he'd been more persistent in letting the American people know.
The truth is, the American people didn't want to know. That might've required people to not take ridiculous home loans that they knew they couldn't afford. It might've required people to deal with an economy that was drastically inflated in its true value. No one wanted to do that, and to be fair, politicians can't be elected, or re-elected, trying to get the notice out.
Are the voters really that uninformed? Possibly. Probably.
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