Monday, April 26, 2010

Obama's Financial Regulatory Bill

President Obama and the Socialists that control Congress are attempting to cram through another massive bill. This one is focused on Financial Regulations to oversee Wall Street. It creates a new government agency, when there are already 20 government agencies that potentially have the authority to regulate Wall Street, including the SEC, that were asleep at the wheel (or watching porn) when the financial crisis struck a few years ago. So Obama's remedy to address the problem is to create another costly agency with even more bureaucracy.

This means even bigger government when current government agencies are incompetent. Does this make any sense? Government Motors (GM) just played fast and loose claiming that they have paid back their $5 Billion loan except that they used TARP Funds (taxpayer money) to pay off the loan. This is like using one Master Card to pay off another Master Card only in this case it is all taxpayer money. GM's claim in TV commercials is completely dishonest. Where were the government agencies that were supposed to be managing the TARP Bailout monies? How did they let this happen?

What is really scary is that Obama's latest Socialist Scheme gives the federal government the authority to take over more companies, or close them down rather than allowing the free market and the bankruptcy courts and laws to do the job. GM is still not making money. GM would not be in business today as currently structured, if not for the $50 Billion Tax Payer Bail Out, which was a pay off to the auto union that supported Obama and the Socialists in the last election. If Obama was President when the buggy whip companies faced extinction, there would probably have been a Bail Out and buggy whips would still be manufactured today to protect union employees.

Most important, Obama's Socialist Scheme does not even mention regulation of Fannie Mae and Freddie Mac, now owned by the government, that were at the foundation of the sub prime mortgage mess that caused the financial collapse in the first place. Remember, it was the very same Socialists in Congress, like Harry Reid, Nancy Pelosi, Barney Frank and Chuck Schumer, that demanded that mortgage companies make loans to people who could not qualify for loans that led to the sub prime mortgage mess and all the foreclosures. Fannie and Freddie were behind all these loans and now it will take more than $400 Billion of tax payer money to clean up the mess. Yet both Fannie and Freddie are not included in Obama's Socialist regulatory scheme. Why not?

Clearly, some common sense regulation of Wall Street make sense; though the agencies are already there to do the job. We don't need any more government agencies that represent overlay on top of overlay of bureaucracy. We must take back our country in 2010 and 2012 by electing Conservatives who support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, real energy independence and health care reform, the right to bear arms, the sanctity of life and family values. We must elect Conservatives that support the Constitution as written by our Founding Fathers, not as contrived by our current Socialist President, former Presidents, Congresses and the Courts. This is the winning platform. We must take back our country. We can do it. We must do it for the sake of our children and grandchildren.

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