Obama announced his decision to appoint Martin J Gruenberg as the new leader of the FDIC.
Gruenberg served as Staff Director of the Banking Committee’s Subcommittee on International Finance and Monetary Policy from 1987 to 1992, and was instrumental in getting the Gramm-Leach-Bliley Act legislated.
In case anyone recalls, the Gramm-Leach-Bliley Act allowed businesses that SHOULD have died and cleared the way for new businesses with new employment opportunities to continue on by incestuously entangling themselves with investment banks, insurance concerns, and commercial banks. This would not be qa problem were our economoy still based on the gold standard, but with the way our currency has been corrupted by the government it pretty much amounts to an unlimited assurance of handouts, life support, and welfare for failing banks, and is one of the primary forces causing the recession today.
So, basically Obama has decided to support one of the movers and shakers behind our country’s current fiscal crisis to one of the most powerful positions of decision regarding whether or not a bank should be propped up despite ruinous usury practices and basically bad business sense.
Is anyone really convinced that Obama is NOT trying to make this crisis worse?
Then again, perhaps he is a genius, has realized that our country is irrevocably corrupted by the banks, and is hoping to precipitate the crisis in order to garner enough attention from the citizens to wake up and take out the trash.
Somehow, though, I still ain’t going to vote for him.