Levin's big pile of @#%*

Background: Politicians love to deflect blame from themselves onto private corporations. Certainly Wall Street holds some blame for the financial meltdown, but so do politicians who crafted the incentives under which those corporations operated. They created the moral hazard where a bank could make extremely poor investment decisions but be immune to the consequences. Levin, like all the other media whores in Congress, needs to look in the mirror.

In his persecution of Wall Street executives, Senator Carl Levin attempts to exude an air of middle America champion. In reality, Levin emits hypocrisy. While berating financial executives, Levin ignores the $145 billion in taxpayer funds flushed down the toilet by Fannie Mae and Freddie Mac who hold plenty of blame in the mortgage meltdown.

Then to wipe away the government’s role in the financial collapse, Levin voted to eliminate provisions of the Audit the Fed bill which will prevent any real audit of Federal Reserve policies that contributed to the economic bubble.

Levin’s insistence on ignoring government’s role in the financial crisis fails to pass the smell test.

[Letter to the Editor - Detroit Free Press. Submitted 05/12/2010.]