Skip to comments.New financial regulation bill a farce
Posted on 06/27/2010 3:32:49 AM PDT by Scanian
The financial reform that is about to be passed is a farce. Like so much in Washington, it is strictly for the tourists. The following article from Sox First provides commentary on the legislation:
"You think the Obama administration's legislation to fix US financial regulation is going to change Wall Street? You're dreaming! Nothing has changed, investment banks are a protected species in the US.
Hailed by some sections of the media as something that will put banks on a bigger leash, the reality it does nothing of the sort.
It's just a massive con because of the way the legislation treats derivatives, the instruments that Warren Buffett described as the weapons of financial mass destruction that destroyed institutions like Lehman Brothers..."
(Excerpt) Read more at americanthinker.com ...
I’ve become a cynic. Everything our government does is a farce. The goals are to support those who contribute to the politicians or to force groups to contribute to the politicians. Corrupt low lifes. Kick them all out.
Scott Brown says lotsa new taxes and fees added in conference! Grassley also still studying the compromise.
This piece of cr*p is unconstitutional since regulating finance is not a enumerated power in Article 1 Section 8 of the Constitution! It’ merely to exert more control over the people. It’s becoming increasingly obvious civil disobedience will be the only way to reverse the marxist trend.
Is there a new tax on the banks in this?? Ah...now we know the purpose of the bill.
Part of Obama’s recent promotion of an international tax on banks, I bet.
The result is banking will become less cost efficient.
There will be fewer banks. The remaining banks get bigger.
Cost of loans goes up, consumer screwed. Fewer jobs.
The Feds are busy killing freedom, killing jobs, killing people.
The People are busy taking names, collecting guns and ammunition.
Its not hard to predict whats next.
An excellent idea. Nov can’t come soon enough.
You may be right November will give the answer to that.
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