from Thomas Friedman’s Can’t Keep a Bad Idea Down
“Let’s have more tax cuts, unlinked to any specific spending cuts and while we’re still fighting two wars — because that worked so well during the Bush years to make our economy strong and our deficit small.”
President Obama reminds us in his weekly address that in addition to the above accomplishments, one of his greatest was passage of the Financial Reform Act and the creation of a stronger Consumer Protection Agency.
Both of these accomplishments help protect middle class families from Wall Street greed and corporate exploitation.
President Obama stated, “Our economy depends on a financial system in which everyone competes on a level playing field, and everyone is held to the same rules – whether you’re a big bank, a small business owner, or a family looking to buy a house or open a credit card. And as we saw, without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy.”
But it seems that the Republicans are in denial of the Great Recession and the causes of it because House leaders are already talking about repealing these bills.
President Obama sums it up nicely in his address:
“The special interests poured millions into a lobbying campaign to prevent us from reforming the system – a system that worked a lot better for them than for middle class families. Some in the financial industry were eager to protect a status quo that basically allowed them to play by their own rules. And these interests held common cause with Republican leaders in Washington who were looking to score a political victory in an election year.”
I wonder why the Tea Party isn’t angry about this? I thought they were for American families and against entitlements? Yet they are running under the umbrella of the Republican party who spin the web of corporate welfare.