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Wednesday, October 7, 2009

Deregulation: Another Love Story

Raw Story has just released an article that shows that the Bush Administration blocked attempts at preventing predatory lending.

In 2004, the Office of the Currency Comptroller, an obscure regulatory agency tasked with ensuring the fiscal soundness of America's banks, invoked an 1863 law to give itself the power to override state laws against predatory lending. The OCC told states they could not enforce predatory-lending laws, and all banks would be subject only to less-strict federal laws.

And while conservatives aren't willing to accept that massive deregulation on the part of the Bush administration had anything to do with the financial collapse, they are still sticking to the talking-point that it all happened because people were taking loans that they couldn't afford.

This was a topic of discussion on last night's Hannity program where Micheal Moore presented some interesting information to counter Sean's finger-pointing.

I have often wondered why Sean Hannity favors blaming the American people the ills that the economy faces from time to time. Certainly, responsibility is a major factor, but when have you ever seen him take on big pharmaceutical companies, banks that practice in predatory lending, or companies that discriminate on the basis of race, gender, or religion. You don't, because Hannity sees himself and his ideology as vastly superior to everyone else.

And as an exit question, I wonder what "stuff" is being made in America by "ethical" people that Hannity is speaking about at the end of the clip. His entire end of the argument is predicated on glittering generalities - no facts to back up his assertions. The vaugueness with which conservative approach debate in this country leaves one wondering far too often who or what they are really talking about.

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