2300 pages, that is the size of the Financial Reform Bill written by Barney Frank and Chris Dodd and their soldiers. So many words and so little clarity! Compare this bill to the Constitution of the United States (it created legal principles that have governed our nation for hundreds of years and have done a very adequate job) which originally contained only 4 pages. Four pages to run a nation and 2300 to run a bank? Give Me A Break!
So what does the bill do?
Well, first of all, the bill does not inspire confidence when Obama "thanks" two crooks directly responsible for the financial meltdown, Barny Frank and Chris Dodd. Oh, yes, they were responsible for drafting this monstrosity, and they were also directly responsible for orchestrating the collapse of our economy.
And guess what Barney Frank said after the bill was passed? "We won't know if it will work until we have another disaster." Boy, that sure elicites confidence, doesn't? The same people who got us into this mess don't know whether 2300 pages of regulation will work?
A number of years ago Dodd and Frank forced through legislation that required Fannie Mae and Freddie Mac (government backed lenders) to give loans to borrowers who didn't qualify for them. Fannie and Freddie did a great job of this, in collaboration with community organizing groups like Acorn and community activists like Obama, and together they made sure EVERYONE could get a home loan. What did they care if the borrower could pay it back? The loans were all guaranteed by the government, so Fannie and Freddie were protected. And we are now paying the price for their idiocy.
But there's good news - not only has the Frank/Dodd bill not fixed the problem or punished those involved (Fannie and Freddie), but Obama had Frank/Dodd include within this new bill provisions for 20 newly created government offices to make sure that banks give a certain amount of loans to minorities and women and under privileged borrowers.
Sure sounds like what has led to the current financial crisis created when Frank/Dodd and the Democrats in Washington required banks to give loans based on race, creed, gender, status, anything other than financial ability to pay it back.
The new Frank/Dodd bill proposes to regulate "risky" businesses but does not define "risky." Oh, gosh, I guess the definition of "risky" will be left up to the White House and regulators sitting in an Ivory Tower somewhere in the bowels of Washington.
The new bill proposes to regulate businesses "too big to fail" but does not define "too big to fail." Oops, another decision made by a political appointee, another opportunity for them to "pay off" contributors and supporters.
The new bill is loaded with provisions that cater to the unions and special interest groups. It creates new funding and employment opportunities for community action groups like fraudulent Acorn. Could this be a "pay off" for getting out the fraudulent, illegal votes that put the Obama Horror Show in power?
It establishes a Financial Stability Oversite Council that will have the power to punish ANY COMPANY it deems too big to fail - not just banks. Bail-outs will no longer have to go through Congress and be approved by our ELECTED representatives. The President and Secretary of the Treasury will now get to decide, and BOOM, your company is history - it's now under government control. And YOU cannot stop it!
American farms will be destroyed by certain parts of this bill. Check it out yourself. Google it. Farm costs will skyrocket. We will have to import much more of our food from countries who do not have the same bans on chemical use or the same strict processing standards that we have. We won't know what we are ingesting or what's in it.
Oh, I almost forgot. The two business that were directly responsible for the mess we are in, Fannie and Freddie, are not mentioned in the Financial Reg. bill at all. Yep, that's right, they are exempt from all provisions of the 2300 pages. Wow, another payoff because Fannie and Freddie contributed heavily to the Obama campaign.
So what doesn't Washington understand? Unions, taxes, excessive regulations all contribute to stifling the economy. Jobs disappear, housing dies, and here we go again. With an unemployment rate steady at 9.6% we cannot afford more job loss, but that's what we will get.
Congratulations, Congress, you just took another step closer to complete irrelevance for you. And congratulations, Obama, you rammed another bill through that will further destroy the greatest country on earth.
2012 should be the REPEAL IT NOW year, and I can hardly wait!!
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