Skip to comments.Financial Regulation Bill is Socialism
Posted on 05/22/2010 8:24:33 AM PDT by Kaslin
President Obama has taken the United States one more giant step toward socialism by ramming through the Senate his financial regulation bill.
The bill authorizes the secretary of the treasury -- a political appointee -- to seize any financial company (bank or non-bank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding or any other abuse that bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have!
The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit.
And the bill fails to do the one thing it must do: regulate derivatives and make them transparent. Sen. Chris Dodd, D-Conn., bowed to pressure from his sponsors on Wall Street and deleted the regulatory provision and set up a commission to study the situation for two years! Sen. Maria Cantwell, D-Wash., protested the cop-out with a no vote against the legislation.
So how did it pass? Four Republicans sold out, that's how! Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine. But, surprisingly, Scott Brown, R-Mass., the newly elected Massachusetts Miracle, defected, as did the normally stalwart Chuck Grassley, R-Iowa.
Now the federal government has effectively taken over about one third of our national economy by passing Obamacare and regulatory reform in almost the same breath.
Repealing this regulatory travesty must be high on our 2011 agenda!
Don’t let Obama have all the credit. Congress, who is supposed to be representing us, has supported socialism at every turn. They hide in their numbers but we need to start calling them out by name for voting for this and all the other bills taking us down the road to socialism.
I think the msm has already hurt our chances in 2010 by pushing the idea that we can’t win on a national campaign. We always let them define our stance. Candidates should start telling the American people what’s in these bills, who voted for them, and where we’re going to end up if we don’t stop them.
What have we got to lose if we put the truth out there? Either way it’s November or never.
It isn’t socialism, it is leftist fascism. The big banks and the Fed love this bill, it gives them almost total control over all business and even small healthy banks.
I never thought the global system would occur without anyone even giving a crap..or even KNOWING about it.
But here we are.
SDRs...here we come.
Does Obama ever give anything other than a campaign speech?
OOPS wrong thread, lol.
This sentence says a whole lot about Dick Morris.
It's been obvious that Scott Brown was a socialist all along. After all, he was one of the architects of RomneyCare in Massachusetts.
IMO the Financial Regulation Bill is Leftist creativism at its best. NOW they have an argument, having established through their Leftist media arm the lie that it was Wall St., not Leftist Democrats working incrementally since Carter, through Clinton, and now into Obama that caused the recession.
Try to reverse this law with America’s heads so full of the lie.
Let us continue undeterred on our march to rid the Republican Party of socialist RINOs.
Granting that much power to the Executive Branch is a slap in the face to the Constitution and a threat to the freedom of Americans. Not that systemic financial risk should not be addressed, it should. But effectively undermining private property rights and checks and balances between the branches of the Federal government is NOT the way to go about it.
This is beyond stupidity . . . this is an evil conspiracy.
Add this to the list of laws that candidates must pledge to repeal in order to get your vote.
That bill is nothing more than yet another instrument to take over private industry.
Special Drawing Rights...a de facto settlement currency for global trading.
gubermint to control 60% of the US economy...great. Probably 90% in gubermint are lunatics.
ANy Republican who votes YES on anything should be purged immediatly. At least then we will have a battle line.
Did anyone really expect Scott Brown to be a conservative?
He doesn’t need to.
Hannity, Morris Agree with Conspiracy People About New world government
All of the senior GOP Senators leaders must go). they have stop the(Conservative Movement) for years!!!!!
Four Republicans — Sens. Charles Grassley of Iowa, and Olympia Snowe and Susan Collins of Maine — broke ranks with their party to support it.
the are now International Order banks ,just like wto ,America has one vote
Fascism is socialism alright, its just a slightly different form of it. Fascism is socialism for corporations and powerful business interests.(After all, lets not forget the official name of the fascist Nazi Party was the National Socialists). The result of a fascist system is that the corporate leaders either become the government, in which case the government controls all of the corporations (de facto Communism). The other options is that the government takes over all of the Corporations and owns them outright... that is to say de jure Communism. Consequently, communism and fascism are for most practical intents and purposes the same thing. Both systems are tyranny.