We need to Bed the Fed.

Obama cites decades of mistakes behind recession
By JIM KUHNHENN, Associated Press Writer
WASHINGTON – President Barack Obama is offering a broad-scale overhaul of the financial system, saying hard times struck largely because a post-Depression era business regulatory scheme couldn't keep up with an increasingly global economy.

In remarks readied for the unveiling of new rules to govern business, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" which happened over several decades.

His plan would bestow vast new powers on the Federal Reserve, authorizing it to oversee the entire financial system. It also would create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis.

The president said in his prepared remarks that "a culture of irresponsibility took root from Wall Street to Washington to Main Street."

After reading all this, Why did Washington pass TARP (bank bailout)? The bailout was supposed to fix everything. Bush pushed it. Obama was for it. McCain was for it.

Credit is still frozen. Sure, the banks are trying to pay it back (so Washington won't have any more control over them), but has anything changed? No.

The economy is doing horribly. Unemployment is the worst since over 20 years. The only thing saving Americans is the lower cost of living due to low gas prices...except that gas prices have gone up almost 100% since Obama's been President.

Obama was wrong with bailing out the banks, he is wrong in spending trillions of dollars we don't have on temporary fixes, and he's wrong with taking more power from private businesses to make decisions bad or good. We need to let companies fail. We spent billions on GM and it still failed. This is irresponsible.

We need to vote these bums out. Obama can't do all this without the Democrats/Progressives in Congress cowtowing to his whim. The only chance we have is to stop the hemmorhaging through Congress in 2010 and then vote the "Little Dictator" and his czars out in 2012.