Obama is campaigning for financial reform by attacking the evils of greedy Wall Street executives, who he blames for the housing market meltdown, the ensuing credit crunch, and alternate street parking. Just as he did with “health care reform,” Obama is creating a manufactured crisis in order to generate support for a government takeover of the financial markets, banks, and credit unions by suggesting that another financial crisis is immanent if financial reform is not passed. Make no mistake, this bill WILL provide for a complete takeover of ALL financial institutions by the federal government. And, even more disturbing, the next target of the administration may be the Daily Discord itself!
Obama is coordinating with the SEC, the DNC, Google, and the mainstream media, an attack on Goldman Sachs to support his agenda for more government control of the markets. This is not mere coincidence. This past Friday morning the SEC announced its charges against Goldman Sachs. At 10:38 a.m. the New York Times broke this story into, what the Discord often describes as, “tiny shards of sensationalism.” 28 minutes later Organizing for America sent out an email from Barack Obama calling on people to support financial reform. The New York Times immediately followed with a story condemning Goldman Sachs. By mid afternoon, the DNC had its Google ads up tying the Goldman Sachs matter to financial reform with a direct link to the White House. By evening they’re all sipping gin spritzers and ordering the female entrainment. This chain of events is stunning! Not Ghetto Shaman stunning, but pretty bad.
Sen. Chris Dodd has submitted his bill directly to Senate Majority Leader Dirty Harry Reid, bypassing the normal committee process, with no Republican support (which, on a good note, may help Zano sleep a little easier at night).
I have read the summary of this bill (while intoxicated, of course—a necessary evil). Much has been said about opposition to the bank taxed $50B fund to finance future bailouts. Democrats deny the fund is for bailouts, but the language of the bill proves the fund will be used at the discretion of the Consumer Financial Protection Bureau for purposes of restoring viability or liquidation of the financial entity (which I believe may have something to do with hookers). The CFPB—a completely autonomous agency housed within the government’s treasury department, but a legitimate acronym nevertheless—will have complete control over all banks and non-banks including small community banks and depositor owned credit unions, and will solely determine which financial products and services are sold to consumers. Obama touts that the bill will end the policy of Too Big To Fail, thus ending bailouts, but what the bill actually will do is provide the Obama’s Treasury Department complete control to break up Too Big To Fail companies so they are no longer be too big to fail, using shareholder funds to finance their own breakup.
Obama claims shareholders will have a say on pay for executive compensation, supposedly giving shareholders a “powerful opportunity” to hold executives accountable, BUT THE RIGHT TO VOTE ON COMPENSATION IS NON-BINDING! …which, again, may have something to do with hookers.
Again, as per my last post, the bill will do NOTHING to correct problems that lead to the financial collapse in the housing market, given the fact it fails to repeal the CRA (Community Reinvestment Act of 1977), which enabled and encouraged mortgage loans through federal regulation and enforcement, to be made to low-income people who lacked the ability to re-pay the loans. It does nothing to reverse the federal governments regulations that enabled bank and other financial systems to bundle these high-risk loans that the government run Fannie-Mae and Freddie-Mac were only to willing to buy up at the tax-payers expense. This bill cannot fix the problem because it fails to address the REAL causes of the banking collapse.
But for the same reason HCR wasn’t about health care, it was about the eventual government takeover of the health-care industry, this financial reform bill is all about the eventual government takeover of the financial markets. Admittedly, I have not tied this government over reach, or reach around, to hookers, but I am close…very close.