I often listen to the US Senate hearings and debates on C-Span. I learn a lot from these live broadcasts. Let me explain what I know about banking regulations being debated in Congress.
For those of you who don’t understand what a Hedge Fund is, it is a bet that a certain company or investment will decrease in value. If the value decreases, the owner of the Hedge Fund earns a profit.
Now here is my understanding of what transpired. The banks would give mortgages to home buyers and then sell those mortgages as securities to investment firms. The banks would make a profit during these sales and would not be accountable for the fate of the mortgage which in many cases was foreclosure. If foreclosure was likely, the investment institutions would put these securities in a hedge fund. Hence, when the homeowner goes into foreclosure, everyone except the homeowner makes a profit.
Some lenders gave mortgages to elderly couples knowing the elderly couples would end up in foreclosure. Consequently, when the lender foreclosed on the elderly couple, the lender gained equity.
The conservatives view regulations as big government preventing the people from doing what made this nation great: Free enterprise. The Laissez-Fare policy. Leave big business alone. They are not supporting the new regulations which would prevent the above described abuse of the homeowner from taking place.
This is where I focus on the Christian Right Wing of the Republican party. Why? Because they are the ones who introduced “family values” into the campaign. They are the ones who advocate a Gay Marriage amendment. Yet they oppose these proposed regulations.
Seems to me like they hopped the fence. Their standing on gay marriage and abortion and family values reflect Christianity. But their standings on government regulations, the elderly and the poor appear contrary to their Christian beliefs.
For those of you who are conservative Catholics, I refer you to the Shorter Christian Prayer Book. Turn to Week Four, Sunday Evening Prayer, Intercessions on page 261 of the soft cover edition. The priests and some parishioners pray for the leaders of the world to turn their eyes toward the poor and the suffering. I would think every Christian organization offers the same prayer.
Yet, the Right Wing conservatives reject government aid to the poor. They appear willing to let those who have the financial skills (and the ability to use those financial skills) take advantage of the less fortunate people. They do this in the name of “less big government.” I submit that it is not “less big government:” It is “less Christian government.”
Christianity isn’t limited to individuals. A Christian nation is a nation that practices all Christian values. The Right Wing conservatives want a Christian nation that practices only the values that please them.
Values that promote hatred or bigotry are not Christian values. Practices that discriminate against a certain class of people are not Christian values. The founders of our nation never intended to create a theocracy. The Bill of Rights proves it.
The conservatives single out the gays in their gay marriage amendment. They single out those who have had or are considering abortion. But they allow corruption and unethical practices in businesses and investment firms of all types by opposing business regulations.