Government of the fat-cats, by the fat-cats, and for the fat-cats?

This is the United States of America, founded on the principle that there's both a wrong way and a "more perfect" way for government to act.

We have regulations controlling immigration, restricting tobacco and alcohol sales, establishing speed limits, and prohibiting the use of dangerous materials such as lead paint. We embrace regulations about what can’t be in our drinking water, and insuring we have the freedom to practice religion unfettered by the preferences of government agencies or the whims of men.

Not every decision is clear and simple. Our constitution was built deliberately to allow for clarifications and changes over time by wise men who had some notion of the limits on their own forecasting abilities. We've been trying to make good laws - good government regulations - and improve the bad ones ever since.

We have laws about everything from voter registration to verifying the safety & efficacy of drugs because we know we can’t simply trust everybody to do the right thing if there’s no judge or referee. Somehow the GOP has been persuaded to slow down the process of reforming Wall Street’s greedy, self-serving behaviors.

We know what happened when we let them call the shots; deregulation served a few very well indeed, while what trickled down to the rest of us was unemployment, foreclosures, and the destruction of the value of the largest asset most working Americans have, their home -- after we'd been encouraged to use it as a way to get credit to fuel corporate profits.

GOP strategists are now stalling reforms in the Senate, by asserting that we need economic analysis before "rushed rule-making." Where were they before the financial crisis in the late summer of 2008 and the resulting recession? I can tell you one thing, they weren't listening to the then-junior Senator from Illinois, who had written letters to the powers that be about what he saw as the looming mortgage lending crisis, but their hindsight may have factored that in.

Enough is enough. Wall Street needs reform if it's to create wealth for the nation instead of for itself. Congress may not get the new laws perfect on the first pass, but that's not news. If all the GOP has is questions, if they can't grasp the risks in leaving the system broken, I say let them step back; it's time to stop spouting sound bites while impeding progress and solutions.

Thomas Hayes is an entrepreneur, former Congressional Campaign Manager, strategist, journalist, and photographer who contributes regularly to a host of web sites on topics ranging from economics and politics to culture and community, who incidentally stands in solidarity with the citizens and workers in Wisconsin refusing to let their Governor's self-created budget "crisis" and new spending priorities be re-cast as a reason to undermine contractual obligations and collective bargaining agreements.

You can follow him as @kabiu on twitter. Tweet

The irony of hope: Obama's not relying on it

To confront the most profound challenges to our financial system the people of the United States have invested their hope in a former lawyer turned community activist, Barack Obama. In his address to the U.S. Congress, watched by much of the nation Tuesday night, Obama offered an insight into what's been happening inside his administration during the first month he's been in office, but it's clear the work began well prior to inauguration day on a wide range of initiatives.

You may argue that the cost of the Iraq war leaves us too far in debt to attain his ambitious goal of halving the national budget deficit in four years, or that the need for money to help homeowners and those losing their jobs is too urgent and will hamper his ability to attain those goals - and that's far from the only challenge the White House faces domestically, let alone on the stage of world affairs.

Still, we must reverse the unacceptable trends in the housing markets and the massive bleeding of the jobs from the workforce in the United States. We cannot simply wait and hope it gets better. Our long range future depends on a realistic assessment of the scope and scale of the problems and addressing not merely the budget deficit, but the deficit that average citizens feel when considering the leadership of our financial institutions and lawmakers that brought us to this critical point.

As the President rolls out the budget today, questions about fiscal policy in particular loom from all sides about more than the numbers. We must move to a system with clearer rules and better oversight to prevent another looting of our savings and investments in ways that benefit only a very few already wealthy individuals while leaving privatized retirement accounts and home values in tatters with echoes of the crisis around the globe.

Fortunately, Obama, Vice President Joe Biden, and their team are neither rookies nor have they been basking in the post-inaugural glow. They've had their sleeves rolled up for months. This administration has brought new vigor and insight to a variety of issues, clearly including the domestic economic crisis. Barack Obama gave an inspirational speech, despite unseemly catcalls from some of the opposition as he described an interlocking, holistic approach that combines controlling costs, retaining/creating job opportunities, and enhancing revenue by targeting three major sectors (energy, education, and health care.)

The man who had hope as a central theme of his campaign is not relying on hope. Obama's laid out a clear foundation for recovery that moves quickly into rebuilding our economy and infrastructure in a way that accounts for our place on the planet, both physically and metaphorically. He's not overlooking the threat from disaffected individuals in Afghanistan and elsewhere around the globe, but Obama his team have brought new energy and creativity to ordering our priorities, in a refreshingly open way.

Obama's asking a lot of people. Even mustering the energy to remain hopeful can be hard when challenges are so ubiquitous. Like the best doctor faced with a critical patient, though, Obama's asking more of himself, though, and his staff - they're not content to hope, they're leading by example. The executive branch of the U.S. is working aggressively on all fronts, using transfusions where appropriate to keep critical systems functioning, while focusing on the goal of stabilizing the U.S. and world economy that are intertwined with our other domestic challenges so that we can heal, and back to the American dream. That's a path I can believe in.

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The problem with deregulation: Where do we go from here?

In case you wonder if deregulation is the pivotal policy that led to the collapse on Wall Street, here's a quick, easily-grasped explanation that should help you grasp why that lofty "ideal" has failed in our never-quite-ideal real world. Are you surprised that some have tried to use the crisis for their own political or financial gain?

In what other industry would you have confidence enough to let the people with the most to gain act without regulation? Would car companies be so concerned with passenger safety without regulation? Would you want doctors to practice unregulated- no assurance they’d act with YOUR best interest in mind? Lawyers? Accountants? Toy Manufacturers? Food processors? I’m not suggesting there’s nothing good about a free-market economy, nor am I suggesting every insurance company or investment firm is run by greedy executives, but there have been snake-oil salesmen preying upon the unwary since before the dawn of history as nearly as I can determine.

We left foxes guarding the chicken coop. It's time for a carefully considered change.

• END Golden Parachutes -- Taxpayer dollars should not be used to reward the irresponsible, greedy Wall Street executives who lobbied for deregulation and engineered this disaster. Those who have earned millions must return their salaries as a starting point... imagine if that money might be used to PAY those loans down.

• TAXPAYERS, Not Just Wall Street -- Any bailout plan must include a payback strategy for taxpayers who are footing the bill and aid to innocent homeowners who are facing foreclosure.

• Bipartisan Oversight -- $700,000,000,000 is a staggering amount of money involved, and since it's coming from taxes the source MANDATES bipartisan expert oversight to ensure accountability.

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