Wednesday, July 6, 2011

The Herman Cain & Mitt Romney Caucus

Herman Cain has gain notoriety for complaining the legislative bills are "too long" and should be cut down to fit on three pages. I'm sure he believes the US Constitution should have been written in 5 paragraphs and the Declaration of Independence needs to be trimmed to just one short paragraph. He's a businessman. Time is money!

Mitt Romney comes on board:

Romney knows he opposes the Dodd-Frank bill. He just can't tell you why because he doesn't have time to "take a look" but he promises that some day he will. In the meantime he will campaign against it. But this one thing he does know: "it has too many pages".

Romney thinks financial reform should not be more than 5 paragraphs on a half page. Otherwise all those words will interfere with the "business" of business. Heaven forbid that somebody would have required banks to verify NINJA loans or that when Wall Street stamped the securitization of mortgages as AAA that the actual mortgages wouldn't become junk within a couple of months of their being sold to unsuspecting, trusting, gullible customers. (As Wall Street likes to note: "These were sophisticated investors who lost those hundreds of billions of dollars on junk bonds. In this industry it is 'buyer beware' and the more we can sell bigger our bonuses!")

Here's your chance to read a one page article in ThinkProgress and know more than Mitt Romney or Herman Cain about the Dodd-Frank bill:
Repealing Dodd-Frank, meanwhile, would prevent a host of new consumer protections from taking effect and would allow the nation’s largest financial institutions — including those at the center of the 2008 financial crisis — to operate just as they did before the crash. That apparently does not matter to Romney, who instead chooses to pretend the financial crisis never happened by fighting to repeal Dodd-Frank without even reading it.

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