The New Crisis, Financial Reform
by Big Dog on Apr 20, 2010 at 11:51 Political
The Obama Regime is looking to pass financial reform to try to regulate the financial industry after the collapse of our system, a collapse that was the result, in part, of government regulations over the financial industry. The new rules will create a perpetual bailout system for financial entities deemed too big to fail. These organizations already knew they would be bailed out because they are in the pockets of the politicians. They get to be risky with their money and if it pays off they earn lots of money and if they lose we get stuck with the bill.
The SEC completed a 9 month investigation into Goldman Sachs and determined that the Wall Street giant engaged in deceptive practices. The announcement came just as Obama was pitching his new crisis that could only be resolved with government reform. This is not a coincidence. The announcement was timed to help Obama with the legislation.
Interesting thing though. Obama received almost 1 million dollars from Goldman. The big questions is, will he give it back?
I doubt he will and there is a reason. Goldman Sachs (as well as other Wall Street businesses) stand to actually benefit from the legislation that has been introduced. It is not beyond the realm that they are actually involved in getting it passed because they will benefit from it. Chris Dodd has his hands all over this and he has been such a sleazy friend of the financial industry that his corrupt dealings cost him his Senate seat. He will not run because his constituents are on to how corrupt he is.
This is another overreach by the government. It controls a large part of the country and it wants to control more. Reform is needed just like it was in health care but the Obama idea of reform is to completely takeover an idustry.
We need to stop the madness and we can do that in November.
Related:
New York Post
Never surrender, never submit.
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Tags: chris dodd, crisis, financial reform, goldman sachs, lies, Obama
OK- who wants to bet that the day after his term expires, Dodd gets a cushy (and WELL-paying) job from Goldman, or someone else he benefitted from these new loopholes he has been creating- this legislation hurts the small banks, while cushioning the larger banks.
It is no coincidence that Barrie received over 900,000 dollars from Goldman Sachs alone- it is a myth that all large businesses are Republican- or George Soros would be a poor man.
you’re wrong about the bailouts – it’s good to check politifact.com before repeating rhetoric from either side. That’s something Mitch McConnell said that is completely false.
http://politifact.com/truth-o-meter/statements/2010/apr/20/mitch-mcconnell/bank-bailouts-not-bill-liquidation/
No Betsy, there will be bailouts. The bill required the firms to pay into a fund. That item was allegedly removed but will show again. This will lead to bailouts because the bill is designed to help the big Wall Street firms. Chris Dodd wrote it and he is in their pockets. Lets us not forget that Dodd and Frank helped cause the problems.
Politifact is OK but not always correct and they have no way of knowing what the final bill will include.
Undoubtedly, it will help the big forms as evidenced by their support for it. As I stated, we need reform but not this reform. The government gave us the rules that caused the problems in the first place. The government is in no position to tell companies how to make money or conduct business when the government is unable to control spending and is running up record debts and deficits.