Now that school is over for me I finally have time to work on my blog more. So, as I've expected, as soon as the Healthcare ill....I mean bill was passed the Obama Administration would attempt to tackle financial reform. As I've also expected they are once again playing the blame game and chose Wall Street as their opponent, all while failing to address the underlying problems that really caused the crisis.
I recommend this book so you can read it and understand what really happened.
Meltdown: A Free Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
In this post I just wanted to do a little Youtubian compare and contrasting. One person in this video is an economic genius, the other one isn't; One of these men is absolutely correct about financial reform, the other one isn't; and one of these men holds what should be the most prestigious office in the country and has the power to help pass a bad bill that will kill businesses, the other one has the power of influence and is running for Senate. Who could I possibly be talking about? Barack Obama and Peter Schiff.
Watch them as they both take on financial reform. Two men. Two different arguments. Two different conclusions.
"This crisis was caused by the failures in the financial industry. What is clear is this crisis could have been avoided if Wall Street firms were more accountable, if financial dealings were more transparent, and if consumers and shareholders were given more information and authority to make decisions. But that didn't happen." ~President Obama
"If this bill existed 40 years ago it wouldn't solve the problem." Peter Schiff
"Government laws normally achieve the opposite effect of their stated purpose." Peter Schiff
So who was right? I have my opinion: Barack Obama blames the wrong people all the time, Peter Schiff was right on the money. Barack Obama uses accountability and transparency on Wall Street as reason to pass his financial reform bill. Yet Obama said nothing--zero, zip, zilch--about making the Federal Reserve more accountable. Obama didn't support the audit the Fed bill.
By the way, I am not a Wall Street Lobbyist or any of those people that Obama accuses of opposing his plan. In fact, I am finishing up college and I may want to work at one of those small firms his bill will possibly kill.
Financial Reform Bill 101: What is Means for Consumers
Financial Reform 201 ***This is a must read article! It addresses the real causes behind the financial crisis and how to solve it.