Senate Republican Leader Mitch McConnell part two

Senate Republican Leader Mitch McConnell was on TV this mourning.  It seems that Mr. Obama said some unkind things about the Right Honorable Senator, to wit, he misrepresented the facts.   Recall that in fact Mr McConnell lied about the $50 billion bank provided liquidation fund implying that it was taxpayer money, it's not, it's bank money, and that it was for bailouts, it's not, it's to liquidate, as in put out of business, failing banks.  In any case, Mr McConnell this mourning stuck with his position apparently believing that if a big lie is told often enough people will believe it.  Way to go Mitch! 

What's really curious about this is that Mr McConnell wants this to be about the liquidation fund.  Noticeably absent from his public concerns is regulation of derivatives.  You remember derivatives don't you, they are the rather arcane financial instruments most recently tied to Goldman Sachs, those are the folks now facing an SEC initiated civil suit for fraud involving subprime mortgage instruments and derivatives, that are a key element of the last few years financial crisis and recession.  Now, Mr McConnell and his banking friends don't want these instruments regulated saying that lots of bad things will happen if they are.

So, OK, lets try some common sense.  Derivatives are not currently regulated.  The financial markets with unregulated derivatives collapsed and to save large banks, including Goldman Sachs, the US taxpayers had to provide several trillion dollars of liquidity there being no bank funded money to help.  So Mitch wants you and I to believe that the way to make sure this doesn't happen again is to a) NOT require banks to fund the down side of their mistakes, and b) continue to allow unregulated derivatives.  Is anyone out there that stupid?