Basically its political boat floating! Those that are holding things up are doing what they want to do, because they promised the large corparations they would change government to help them out so that the corparations would give them dollars for their campaigns!
Couldn't have said it better myself... nice!
BTW Anthony may not agree with this post.
No problem with that at all... truthful is truthful.
Some may think its about having a dig at America... it has nothing to do with American citizens for the most part.
If what America did only affected America, then I wouldn't say a thing. But what any country does with its financial systems these days, has impact on other countries, as there is no such thing as independent economies any more, but instead trade has surpassed anything beyond most peoples imaginations and we are actually a global economy. If China makes bad financial policy decisions, guess what? Every single country will suffer. If Australia decided to stop selling coal to other countries... guess what? Nearly every country would suffer electricity supply problems, as the majority of the worlds power is coal produced, and Australia is the largest exporter in the world for coal, to US, China, European countries, etc. Again, what one country does these days often places a significant impact onto other countries, so we all have a right to voice stupidity occurring in any country.
If it was the UK who caused the GFC, guess what? They would be the one's name I mention, not the US. If it was Australia who caused it, same result... unfortunately for some Americans who think I have a grudge against American citizens... then you are barking up the wrong tree, and in fact I have stated several times that is not the case. I do however have a huge bug up my arse about what the US Government and political system has caused. And they are the cause, not Wall Street itself. It is the US Government that "cut the red tape" on financial policy, it is they who lifted restrictions and allowed sub-prime lending, double, triple mortgages to be taken when assets don't even cover the mortgage costs.
The US Government should be rounded up and shot for treason to be perfectly honest, that is how disgusted in them I am, and many around the world are disgusted. The world suffers for what the US Government has allowed to happen, let alone we do not suffer as much as American citizens themselves, who have full interest and investment in their own economy more often than not.
Australian Politics
Here is one example of a recent event that I would have crushed the current party for if they allowed it to go through, and of all things, the person in the opposite party I would vote for, pissed me off by just being argumentative as opposition, saying this would be a good thing.
Singapore SGX put in a $9 billion offer to buy the ASX (Australian Stock Exchange). In one breathe they say "merger" but it was an actual attempt at take over. [DLMURL]http://online.wsj.com/article/SB10001424052748704415104576250382136051902.html[/DLMURL]
What good could possibly come from another country being allowed to buy another countries stock exchange? None.... only capitalism, which America has proved vastly does not work. So the Australian Government rejected this offer for what it was and the implications it could have. Sure, jobs could have been created, wealth creation, blah blah blah... but you are talking about a few getting rich and the possible implications for the Australian financial system being compromised. Even if it was merger, it is all trouble swapping financial policy between countries with direct interest of ownership.
Offcourse the CEO of the ASX thought this was a great idea... he would have got rich. But our Government rejected it on commonsense for what it was... literally opening up a floodgate of monopoly and deregulation into the Australian financial system, which is the strongest in the world at present, and that is not us saying that, that are other countries, US, China, UK, etc, saying that. We have very strict policies here, and whilst that may be bad for you lending money, ie. not meeting criteria to get the loan, it also stops us crashing where suddenly debt outweighs asset value.
Joe Hockey I suspect will be the PM of Australia in the future... and whilst he is a straight shooter, he was being argumentative on this case and is wrong. The current treasurer, Wayne Swan, I got a whole new found appreciation for him, even though he is more wrong than right, atleast his morals are in the correct place on such a major decision that could impact not only Australia, but other countries who are heavily invested into this economy.