Friday, July 16, 2010

Obama's Financial Reform Plan - A Legislative Monstrosity

President Obama and the Socialists who control Congress and three Republican RINO's Senators Olympia Snowe and Susan Collins of Maine and Scott Brown of Massachusetts just enacted Obama's Financial Reform Plan that is a legislative monstrosity. Officially, this legislation was written by Socialist Senator Chris Dodd from Connecticut, that "friend of then CEO Angelo Mizulo", who got that sweet heart mortgage deal from Countrywide and Congressman Barney Frank of Massachusetts, who helped cause the financial meltdown in the first place by demanding that mortgage companies make sub prime loans to people who could not afford them. What irony!!

Obama's Financial Reform Plan is the single biggest piece of legislation governing the financial services industry since Roosevelt's failed New Deal and the Great Depression. Yet, there is no regulation of Fannie Mae, or Freddie Mac in the Plan, the organizations that funded all the bad loans because Socialists have been on the take from those companies for years.

Obama's Financial Reform Plan is 2,300 pages long and it will be followed by 5,000 or more administrative pages that will be written by Washington bureaucrats to enforce it. Let there be no doubt, every one of those pages will add billions of dollars in cost for financials institutions that will be passed along to you an I in higher mortgage, credit card, banking and other fees charged to purchase various financial products. Business does not absorb the cost of government regulation, taxes and over bearing intrusion. Those expenses are simply passed along to the consumer in higher fees and charges.

Obama's Financial Reform Plan is just another tax that will be passed on to the American people, which is the end result of all government regulation. While perhaps some common sense new regulations of the financial services industry and banks makes sense, you can bet that the law of unintended consequences will kick in specific to the 7,300 or more pages of new regulations that in the end will make our lives miserable, not better. It is already happening in our dealings with banks and mortgage companies.

And, this new Legislative Monstrosity will cause jobs to leave the United States as financial institutions move to other jurisdictions to avoid this new law. Higher compensation and benefits, demanded by unions and unreasonable environmental protection laws in the US have pushed manufacturing jobs overseas to China. Higher compensation and benefits and crazy employment practice lawsuits and rules have pushed knowledge work to India. Now these restrictive regulations will push financial services jobs overseas, as well. These Socialists are destroying jobs in our country, the same way Socialists have done in Europe for years; hence our high unemployment rate.

American Socialists like Obama, Reid and Pelosi and many others just do not understand the cause and effect relationship of their legislative actions because they have never had to make payroll. We see the end result in Europe where high taxes and the regulatory burden has resulted in a lower standard of living in Europe than in the US. We are headed in the very same direction if Obama is allowed to succeed with all his Socialist Schemes. Europeans come to the US with empty suit cases to buy clothing because the same name brands in Europe cost double what they currently cost in the US as a result of regulations and high taxes in Europe. Gas in many European countries is $10 - $12 a gallon because there is a 60% carbon tax on fuel. This is the craziness Obama and the Socialists who control Congress want to bring to our country. Obama is "transforming America" into a Socialist nation. We must all stand up and say HELL NO to preserve our way of life and standard of living before it is too late.

Thus far, Obama and the Socialists that control Congress have enacted HealthScare and now the Financial Reform Plan that will impact the lives of every American in a negative way. Next, Obama will focus on CAP & TAX that will significantly raise the cost of all forms of energy and "Immigration Reform" to provide amnesty to 12 million illegal aliens living in the United States and to open our border to even more.

To prevent this Obama nightmare, we must take back our country in 2010 and 2012 by electing Conservatives committed to repealing Obama's Socialist Schemes, free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, real energy independence and health care reform, a strong national defense including securing our border and fighting Terrorism, the right to bear arms, the sanctity of life and family values. This is the winning platform supported by the American people.

Most important, we must elect Conservatives, who support the Constitution, as written by our Founding Fathers, not as contrived by Socialists Obama, Reid, 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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