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Opinion: Legacy (Part II).

Byline: Morgan Strong

Summary: (Brick, N. J.) George Bush insists on advocating the Republican Conservative fallacy of a free market economy as solution to society's ills. He and they say that only a free market, with competitive practices, can provide the optimum economy and grand life.

(Brick, N. J.) George Bush insists on advocating the Republican Conservative fallacy of a free market economy as solution to society's ills. He and they say that only a free market, with competitive practices, can provide the optimum economy and grand life.

That may be in theory, but in practice a free market economy, presupposes and demands absolute integrity of all those engaged.

George Bush has seen fit to dismiss integrity of government to protect the citizens of this country. He has made the idea of a free market economy moot and contradictory. He has permitted, encouraged even, the market place to become a tyranny of greed and excess free from any control to curtail fraud and larceny. This country is now under the control, and is manipulated by the enormous wealth of corporations and banks.

Last week, to no one's great surprise, the Government Accountability Office presented to Congress a report on the practices of the Labor Department, and examined the agencies duty to protect the American worker.

Since his administration began George Bush has filled the top positions of his administration with people who dispute the very essence of the missions of the government agencies where they are placed as heads.

We have so far witnessed the forced resignations of the head of F.E.M.A. Michael Brown, and the head of the General Services Administration, Lurita Doan, There is no doubt another resignation on the way soon. Mr. Bush appointed Elaine Chao to lead the Department of Labor in 2001.

Ms. Chao when she was appointed made it clear that she supported the idea that the individual states should not be compelled to pay workers the federal minimum wage. She began her tenure by aggressively seeking to reduce the wages of workers across the country.

The Government Accountability Office investigation showed that the Labor Department under Ms. Chao deliberately and purposefully failed to enforce workers rights across the country.

Congressman George Miller of California said the Labor Department was allowing employers to "cheat their employees out of their hard earned wages".

Alan Greenspan was re-appointed as Chairman of the Federal Reserve by George Bush because Greenspan played ball. Greenspan would do all in his power to keep the control of this country in the hands of the corporate structure and the banks.

Edward M. Gramlich, a former Federal Reserve governor warned the Fed Chairman Alan Greenspan in 2001 that there was a fast-growing new breed of lenders who were luring many people into risky mortgages they could not afford. He urged Greenspan to investigate these practices. Greenspan adamantly refused.

Despite the pleading of several consumer advocacy groups, and financial institutions, in the years leading up to the present crises, Greenspan refused to intercede to curtail the predatory practices of the mortgage lenders.

The Federal Reserve issued a report in 2004 insisting that the housing market was in excellent shape. The report said that contrary to speculation "no bubble exists in the housing market, that any downturn in price or value would be local, not national.

John C. Dugan was appointed by George Bush to head the Office of Comptroller of the Currency in August of 2005.

The Comptroller's office regulates banking practices, including mortgage lending practices, throughout the country. Before his appointment Dugan was a lobbyist for the banking industry with the

law firm of Covington and Burling.

Mr. Dugan in his role as lobbyist urged the lessening of regulations on lending for the banking industry. He succeeded wonderfully.

The Supreme Court in April of 2007 upheld a rule by the Comptrollers office first made in 2005 that exempted subsidiaries of national banks from regulation by state banking authorities. The rule was designed by the Comptrollers office to stop state and local law enforcement from investigating fraud and abuse by banks in the mortgage industry. In effect it allowed state banks to escape the oversight of banking regulators in individual states. The Comptrollers office directly contributed to the sub-prime mortgage debacle that has ruined the country's economy.

In September of this year the Bank of America was forced to pay 7.5 million dollars in a settlement with the Manhattan District Attorney's office for allowing 3 billion dollars in money laundering through a Uruguayan money transmitter.

Dugan's office had ignored requests by the District Attorney of Manhattan, Robert Morgentheau to investigate these transactions.

In 2005 the Senate criticized the Comptrollers office for failing to take effective action against the Riggs bank for allowing Augusto Pinochet to launder millions of dollars through secret offshore accounts controlled by the Riggs bank.

Mr. Dugan like all the others of his ilk has proved worthy of George Bush's trust. They each and collectively have contributed handsomely to the continuing demise of this country. How one man could have found the perfect foils to bring such terrible trials to the country, and to the world suggests perfect perfidy beyond comprehension. George Bush is the father of our misery.

A[umlaut] 2008 - The Tripoli Post

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Publication:The Tripoli Post (Tripoli, Libya)
Date:Jul 27, 2008
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