Grouchy Old Utard

How many of you out there have even heard of this term?

According to CBS' 60 Minutes, and Warren Buffet, it was the legalization of credit default swaps by the 106th congress, under BILL CLINTON not the policies of George Bush, that has caused the downfall of our financial institutions. I'm surprised that a mainstream, left leaning media outlet like CBS would let this story out BEFORE the election. They may have helped the McCain camp more than they want to, if the public really looks into this.

"Credit default swaps" are also known as "derivatives", which financial experts say are basically "side bets" on what financial markets are going to do. This practice was outlawed after the stock market drop in the early 1900's, and was part of banking and SEC regulations up until the ens of 1999 when Bill Clinton, and Fed Chairman Alan Greenspan, decided that the pros on Wall Street could better handle the policing of these practices. Apparently, they turned a fox loose in the financial hen house.

As is usually the case with presidential campaigns, much is said about what the president wants to do. Unfortunately, most of what is promised, or complained about, is really under the control of the legislature. They are the group that votes on bills and spending that become national policy or law; the president can only sign and approve it, or veto it. The presidential candidates can both promise change, but that change won't come from the president-- it will come from the legislature. The only thing the president can really change on his own is the war, since he's the Commander In Chief. And yes, i'd like to see that changed, but that's another rant for another day.