I read with interest Doyle McManus’ Jan. 1 editorial on his “hits and misses” of 2014. His upbeat statement that “Dozens of Democrats joined with pragmatic Republicans to pass a spending bill is an unexpected win for bipartisanship.”
However, he failed to include the last minute “extortion” that was implemented by the Republicans in order to bring this “bipartisanship” to fruition. As part of their alleged cooperation, they succeeded in rolling back key components of the Dodd-Frank Act. This was passed in order to separate bank and non-bank exposure to the risky swaps and other derivatives that were at the root of the 2008 defaults and subsequent bailout that cost taxpayers hundreds of billions of dollars.
Regardless of who is sitting in the White House, the purse strings will continue to be controlled by the Republican Congress. The increase in wealth disparity will continue and probably increase at an alarming rate. Only the citizens can stop this unfortunate trend by recognizing and exposing those members of Congress who were instrumental in allowing Wall Street to pull off this last-minute heist.