Obama calls for foreclosure moratorium (finally)

It's about time!

Deregulation of Big Business has become almost sacrosanct. Even as personal behavior becomes more regimented by countless laws, corporations operate with almost no regulations whatsoever. (Brings a whole new meaning to "regulation for thee, not for me", doesn't it?)

What's astonishing is that - despite all the years the economy has been in decline - it's taken this long for most Americans to realize how awful the economy is. It's taken just as long for most in politics to even hint that deregulation of Corporate America is the cause of this chronic recession.

Defenders of deregulation often link it with competition, but that's been a sham from the get-go. Every new wave of dereg brings more monopolies.

Until now, reregulation hasn't even been on the tip of political leaders' tongues since probably the days of big hair. Our so-called leaders aren't exactly on top of things, are they?

Democratic standard-bearer Barack Obama now wants a 90-day moratorium on foreclosures at banks that participate in the federal bailout. A step in the right direction, for sure. Not a huge step (for I'd support a longer moratorium at all banks), but a step nonetheless.

Finally! I just can't believe it's taken as long as it has for even the Democrats to advance any sort of control on financial institutions. I'd expect the Republicans to be against such a much-needed idea, but who'd ever think the Democrats would drag their feet for so long? Restoring the regulatory apparatus should've been one of the top priorities back when the Democrats regained Congress.

A moratorium seems to have widespread support - except in the wingnutosphere, where the GOP Movementarians paint it as some sort of handout that puts too much burden on poor, innocent banks.

(Source: http://news.yahoo.com/s/ap/20081013/ap_on_el_pr/obama)