Saturday, June 26, 2010

Financial Regulation - 2,000 Pages

Socialist Senator Chris Dodd of Connecticut and Congressman Barney Frank of Massachusetts have together written a 2,000 page financial regulation bill working its way through the Socialist controlled Congress. It is ironic that these two particular characters would be the authors of this legislation, when Dodd and Frank are as much responsible for the financial crisis we experienced in the last few years as any two members of Congress; though there is plenty of blame to go around. As a "friend of Angelo Mozilo", the CEO of Countrywide Mortgage, Dodd got a sweet heart deal on his mortgage. Frank and Dodd along with Senator Chuckie Schumer of New York, Senator Dirty Harry Reid of Nevada and many other Socialists in Congress insisted that people be given mortgages who could not qualify for them under normal rules. At Socialist insistence, during the Clinton Administration, the sub prime mortgage was born, which was the basis for the financial collapse and the current foreclosure rate in the United States.

The fact is that Dodd, Frank, Schumer, Reid and many other Socialist members of Congress should be in jail, not in Congress, writing a new financial regulation bill. These corrupt characters, including Socialist President Obama, took millions of dollars in campaign contributions from Fannie Mac and Freddie Mac, the entities that were buying these sub prime mortgages by packaging them as investments that turned out to be bogus. Of course, Fannie and Freddie faced bankruptcy as the whole system collapsed and as a result both have been nationalized. It is estimated that a Trillion tax payer dollars will be necessary to deal with the Fannie/Freddie foreclosure mess that was caused by Socialists like Dodd, Frank, Schumer and Reid.

And so, these are the same crooks in Congress today pushing through 2,000 pages of financial regulation to govern banking, mortgages, Wall Street and consumer credit. As part of the law, Obama wants to impose a new $90 Billion tax on the biggest banks. That is crazy. That is money that the banks will not have to lend to small business to grow the economy. The end result of all of this will be higher costs for various financial institutions that will be passed on to the consumer. It is already happening as banks are required to maintain higher reserves, they have raised all their fees and credit card interest rates.

These regulations will result in a reduction of credit availability and much higher interest rates for all. It will much more difficult for all to get a mortgage and the cost will be higher. In the end, this will impact the credit worthy not just those who never should have had credit; the Socialist's PEEPS. And, there will be far more government intrusion into our lives, which is the Socialists goal as they continue to grow government to an unprecedented size. If Obama and the Socialists that control Congress are not stopped and soon, the land of the free will become a Socialist nation and we will lose our freedoms. They will do to the United States what the Socialists have done to Greece as they bankrupt our nation.

We can't let that happen. We must take back our country in 2010 and 2012 to stop these Socialists from destroying our nation by electing Conservatives who support free market capitalism, limited government, lower taxes and less regulation, a balanced budget to stop the deficit spending, term limits, real energy independence and health care reform, the right to bear arms, the sanctity of life and family values. Most important, we must elect Conservatives who support the Constitution, as written by our Founding Fathers, not as contrived by Socialists Obama, Reid and Pelosi, former Presidents, Congresses, or the Courts. We must take back our country in 2010 and 2012 by sweeping these Socialists out of office. We can do it. We must do it to preserve our freedoms and for the sake of our children and grandchildren.

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