Posted by Shyam Moondra
Given the credit market turmoil and the stock market crash that led to people losing their jobs, homes, and half of their retirement savings, it's imperative that people who were in a position to prevent this catastrophe step aside to bolster the confidence of the people in the government. As President-elect Obama assembles his new administration, it's important that we have new leaders in the Senate and House as well as new committee chairmen.
I call upon Nancy Pelosi, Harry Reid, Barney Frank and other committee chairman to take moral responsibility for the major government failure to protect the people and step aside so that we have new leaders and a new beginning.
FED Chairman Bernanke should also be replaced. He unnecessarily increased interest rates, at a time when inflation was not a problem, which precipitated housing foreclosures. He continued to insist that sub-prime was not a problem. He waited too long to address the problem once it became clear that it had the potential to become a major crisis.
SEC Chairman Cox and his key people should be fired. He allowed hedge funds and investment banks to manipulate the markets and failed to enforce the laws. He eliminated the "up-tick" rule for short selling and naked selling became wide spread under his chairmanship that made it easier for hedge funds to manipulate the markets and make money at the expense of small investors. Cox did not serve his country well and he must be removed immediately.
