Once again the Democrats are trying to ram a 2,000 page bill no one has read into law. This time, completely overhauling the banking and finance regulations giving government sweeping powers and putting their fingers in every pie. Of course it’s being sold as an answer to all the fiscal problems the country had in the wake of the mortgage meltdown. So who wrote this bill? Why the two chumps largely responsible for for the meltdown in the first place. Chris Dodd and Barney Frank, two of the sleaziest creatures polluting the DC swamp. This cartoon summarizes what they did. How do you think this is going to help the economy when money is already tight?
Congress has handed its tab to the banking industry: $20 billion over five years to rein in risk taking, shore up capital and acclimate to all sorts of new regulations concerning the financial world. That’s how much the Congressional Budget Office estimates the 2000-page Dodd-Frank financial reform bill will cost to implement, and the funds will be raised by fees the government will charge banks with more than $50 billion of assets and hedge funds with more than $10 billion.
The voters gave the Democrats control of two branches of government which is like giving the mob control of your bank accounts and personal information. The damage they have done to the US in just the last year and a half has been staggering. We can only hope this fails to get through some how, because let’s face some facts here.
1. Regulation has never solved anything. The Federal reserve was created to regulate the banks and prevent depressions. Shortly after they were founded, we has the great depression.
2. FDR’s regulations lengthened the Depression.
3. We already had tons of regulations governing the financial and banking industries. It was government who ordered the banks to do those risky high risk mortgages. The government’s mismanaged Fannie Mae and Freddie Mac were supposed to back them up. They helped create the entire crisis.
4. Politicians are generally either incompetent or corrupt. Giving them more power makes things worse not better.
Two of the sleaziest politicians we have, who were in on the whole thing from the start, are going to tell the banks how to act properly? It’s a titanic disgrace and heads should roll.