Skip to comments.Obama's Plan -- A Regulatory Mess (advanced text of Obama's financial address)
Posted on 04/22/2010 8:37:00 AM PDT by richardb72
If President Obama's financial regulations are adopted, there will be fewer loans, credit will be more costly, and individuals will face more risk. Obama argues today that his reforms are necessary to prevent "a second Great Depression" from occurring, but he does nothing to fix what the government did. Nothing is done to reform Fannie Mae and Freddie Mac, despite their problems with fraud and costing taxpayers $400 billion in bailouts. Nothing is done to change government regulations that force banks to make risky mortgages.
The powers that would be given to the president and the Federal Reserve are unprecedented. The bill gives the government the power to regulate the capital, liquidity and permissible activities for a long list of firms, including securities firms, insurance companies, bank holding companies, hedge funds, finance companies as well as others. The government will be also able to limit the size of these companies.
The president claims today that he "believe(s) in the power of the free market." Yet, he is constantly demonizing companies. Even liberal New York City Mayor Michael Bloomberg warned: The bashing of Wall Street is something that should worry everybody. According to Obama, there is "an ethic of greed, corner cutting, insider dealing, things that have always threatened the long-term stability of our economic system." In contrast, for government, Obama identifies its only failure as not doing enough regulation, not doing enough to control companies.
The regulations demonstrate that the president ignores or doesn't care to know how markets operate. . . .
(Excerpt) Read more at foxnews.com ...
Obama is such a messed up person. he feels that america must be as messed up as he is. Thanks to to the Democraps and others who voted for this piece of work. You get what you pay for. Unfortunately many of the other Americans have had to suck up the BS. Narcissistic Psycho is running America into the ground.
Obama regularly creates an administrative mess with his
draft laws and executive orders.
Check the exemption clauses in each case. Then you will understand.
That probably wasn't intended to be a laugh line.
Starting out praising himself with all the jobs he has created.
Oh my gosh, he’s talking again, make it stop!
I wish there weren’t so many crisis, mainly because then he has to say crisis over and over with that sibilant ssssssssssssssss sound....like a snake...
The DOW is losing more ground as he speaks.
I hate him..
A train wreck in the making.
They packed the room with college kids to cheer his “populist” message. Awful. He’s talking down to the financial sector. He’s also demonstrating he knows nothing about finance, business, industry, economics, etc.
This bill is nothing more than a way to impose more threats of reprisal for political opposition; after all if government can seize your business for any reason, who would dare oppose them or support a candidate from an opposing party?
Obama said today in NYC that he came there in early 2008 before the crisis hit and warned, lack of responsibility would causes a crisis which has largely come true. Interesting so Obama warned Democrats in charge of Congress in 2007 and 2008 that a pending crisis was coming and the Democrats in Congress did nothing to reform or change anything.
Its time to run Obama against the Democrats all that inherited junk needs to get lifted from Bush and put squarley on the Congressional Democrats who were the party of change and in charge in 2007 and 2008 before the economic melt down.
Thanks for the link, SuperSonic.
I'm still wondering on which off shore acct. Obama has sheltered his millions.
“The government” will have access to every transaction by individuals. I hope Karl Rove devotes a column to it.
I can't take much more..