Wednesday, November 10, 2010

Wall Street screws the taxpayer, again


This is what Republican Senator Richard Burr's laissez-faire capitalism delivered to American taxpayers:

Wall Street collects $4 Billion from taxpayers as swaps expire

What are swaps? They're overly complex bets on interest rates. So complex that there are only a handful of financial engineers who really understand how most of these instruments work. Most of the people selling them were clueless as to how they worked. Most of the local, state and non-profit leaders buying them were absolutely clueless too.

But our state's Senator didn't lift a damn finger in all his years in office to stop this crap. And we paid the price for Richard Burr's almost religious fervor for laissez-faire capitalism. We elected an economic and financial dolt to represent us in Washington DC. And we're paying the price.

North Carolina deserves better than Republican Senator Richard Burr.

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