Whether you call him Senator John McCain or Presidential candidate John McCain, the man is correct regarding his assement of Wall Street and the subprime mortgage crisis. “Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on,” McCain said during a taped appearance on ABC’s “This Week” program. When you look at the ratings companies, insurers, reinsurers, collateralized debt obligations, speculators, and short sellers, Wall Street is so wrapped up in the crisis it is not funny.
By design the self-serving self-promoting atmosphere is destructive when phony contracts and bad loans are allowed into the system. Add lobbying and a feeling of self-importance for good measure and you have the ingredients for a pure “I know everything because I am great” attitude. Pay an executive millions and their twisted sense of self-importance can convince them that senators and congress are their own personal butt-monkeys.
“You rate me and I’ll rate you” is the norm. Bond ratings without knowledge of what is being rated is stupid. McCain went on to say “Fannie and Freddie should be barred from lobbying Congress and their executives’ compensation should be reduced. We should eliminate the pay and bonuses that these people rake in.” Who can argue with that? Executives, of course, but not the people who must pay for this debacle — you and I.
From Wall Street to regulators, and from lawmakers to law enforcement, it is a travesty when too many people sell their good name, character, and integrity for profit. The situation has degraded to the point where all of them appear to be each other’s butt-monkey in some form or fashion. Said another way, Americans know there is a problem and feel helpless to do anything about it. No big-headed overpaid person, convinced of their own greatness and self-importance, is going to listen.
While bathroom enthusiast — Senator Larry Craig — and Presidential wanna-be John Edwards make hiding in the bathroom popular, New Jersey Assemblyman Neil Cohen resigned from the Legislature on Monday, four days after it was reported that he’s under investigation for suspected possession of child pornography.