Friday, April 17

Thoughts From Sen. Joe Bolkcom

The following is from Senator Joe Bolkcom from his weekly Networker:

Angry Tea Party – What’s in that Tea?

Who isn’t mad as hell about how things are going in the America? We are in a deepening recession that has been caused by the irresponsible, greedy behavior of Wall Street and those in the so-called financial services industry that counted their paper profits as they turned their back on the ticking time bomb of the sub-prime housing market meltdown and years of a Republican philosophy of lassie fare capitalism that has allowed a no holds barred approach to executive compensation, unregulated lending schemes and virtual criminal activity in the management of our financial system.

Capitalism Gone Wild! Where were all the adults?

The house of cards has collapsed. And now all of us are being asked to pay; to bailout, to not allow the too big to fail. I never dreamed that I would be the part owner of the largest insurance company in the world! Mad? Count me in!

And all of this as the standard of living (income growth) for many Americans is slipping away as they work harder and harder to make ends meet. Trillions of dollars robbed out of our retirement accounts and home values. When is someone going to prison?

This frustration has welled up in anti-government Tea Party activism across the country. This week, three thousand people at the State Capitol, hundreds in Iowa City all mad at government and government spending. While I completely get the frustration and anger, I’m confused about the focus.

Cutting funding for our local schools, community colleges and public universities won’t do much to return value to the stock market or help our kids adjust to a changing world and economy. Laying off teachers actually will worsen the problem. Cutting health care spending will do the same. This is also the case for spending on public safety, prisons, courts, environmental programs and flood recovery efforts.

We actually need more, not less governmental regulation and oversight over the financial services industry.

I’m all for the activism. I just think it needs to consider far more carefully how we got here and recognize that NO ONE is very happy with all the not so optimal choices for driving this wreck out of the ditch. What's your analysis?

I'll get back to you Senator, you ask an important question which requires a thoughtful answer.

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