Saturday, April 17, 2010

White House attempts move to the middle

The Obama administration ordered a $50 billion dollar rescue fund be removed from the financial regulatory bill currently making it's way through congress. The House passed a version of the bill that included a $50 billion dollar fund to rescue banks that were "too big to fail." The Senate banking committee had the same wording in a bill that came out after the house version.

It is nice to see the White House make a move to the middle on some legislation.

The rescue fund was ultimately going to be funded by the banks in some sort of tax scheme I'm sure. The American people are tired of bailing out corporations that can not take care of themselves. If a bank is too big to fail, then it's board of directors should make sure it does not.

I am all for aiding countries in dire need of assistance like Haiti, but it is time to let corporations stand on their own. If they want claim success on their own, then they should also claim their own failure.

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