Thursday, July 15, 2010

Financial Reform: Fiscal Fiasco

 It's clear that financial reform needs to  be done in this country. But not like this.

Obama Economy (Cartoon)
Our US Senators have voted  to kill debate on the most extreme  manipulation of financial rules since the Great Depression: The Financial Reform Bill. This sets up a final vote which will happen later tonight.

Obama says that the bill is "a sensible framework of rules and regulations, adequate to hold financial institutions accountable." In reality its just a document that legitimizes more government control and bailouts that the American people are sick of!

Conservatives and liberals alike should be furious because this bill does NOT put enough financial "skin in the game" for mortgage lenders, and makes ridiculous patronizing concessions that will have zero positive impact on saving our economy, such as nominally giving shareholders more "decision making rights". In reality nothing is changing at all. To add salt  to the wound, these fools are adding another federal bureacracy to burn money. The Federal Insurance Office (FIO), to be contained within the Treasury Department, is intended to monitor the insurance industry and make "recommendations" about which companies should be treated as systemically important. It's just a bunch of big words for more government bloating.

Why would we trust this Administration to get anything fiscally responsible done in the first place? We shouldn't. Just think about the abject failure of the stimulus package juxtaposed with the administration's recent touting of it as a great success.

The White House's claim that Obama's $826,000,000,000 stimulus has already "saved or created" 3 million jobs is patently false. In actuality he failed to deliver on his stimulus promises by 7.4 million jobs. The American people aren't stupid. Just look at the CBS poll to the left. 74 percent of Americans believe the Obama stimulus either damaged the economy or had no effect.

The White House ruse is risible. 

Surprise, surprise, the Great Tea Party hope Scott Brown was one of three republicans to side with Obama on this one. 

We need an answer, and it's coming in November. If the American people know that the stimulus is a sham, and if the American people know that the Financial Reform Bill is nothing but more of the same spending that threatens to destroy our way of life, then why can't Congress figure it out? Frankly, I don't care why. We just need a new one. I don't want my kids being forced to speak Mandarin if they aren't living in China.

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