So High Above

The Bush Administration failed to monitor and regulate the financial institutions in the last eight years. The Reagan Administration began the deregulation of the financial and insurance industries and the current Administration almost brought to completion the deregulation of these industries. When the Republicans had control of the Congress and the Presidency they were able to push through a Bankruptcy Bill which gave the financial institutions the ability to implement punishing interest rates on borrowers. The Bill allowed creditors the right to raise rates based upon a borrowers bill paying history not related to the creditor raising the rate. Creditors are charging interest rates up to 40% thanks to the Democratic support of the Republican Bankruptcy Bill. The loan sharking interest rates and easy credit approval has sunk the the working and middle class into a morass of debt that can never be repaid. It has affected the health of the financial institutions and forced the governme...

The Bush Administration failed to monitor and regulate the financial institutions in the last eight years. The Reagan Administration began the deregulation of the financial and insurance industries and the current Administration almost brought to completion the deregulation of these industries. When the Republicans had control of the Congress and the Presidency they were able to push through a Bankruptcy Bill which gave the financial institutions the ability to implement punishing interest rates on borrowers. The Bill allowed creditors the right to raise rates based upon a borrowers bill paying history not related to the creditor raising the rate. Creditors are charging interest rates up to 40% thanks to the Democratic support of the Republican Bankruptcy Bill. The loan sharking interest rates and easy credit approval has sunk the the working and middle class into a morass of debt that can never be repaid. It has affected the health of the financial institutions and forced the governme...