The U.S. House Financial Reform bill passed last December, the U.S. Senate version this May 24. Obama and his Democrat congressional majority are vowing to get a reconciliation passed by July 4.
Why the big hurry? So the innumerable evils buried in this 1,500-page mound of cattle-feed-lot excrement might be concealed until too late for the public to give them as much grief as they received with the Obamacare 2,700-page bill.
The Federal Reserve was established in 1913 to ensure that America’s economy did not suffer further recession cycles. Since then, we have had 16 recessions, one depression, and the Great Depression. Having demonstrated their competence in accomplishing their theoretical function, they are to be given even more power to mismanage the economy in the new financial bill.
The feds are also going to clamp down on investors’ options to take risks with their investments. When no mode of investment is allowed to have more risk or pay more interest or dividends than a T-bill, how will the entrepreneurs who have found investors willing to assume high risks in order to obtain high returns continue to develop new technologies and breakthroughs that have made Americans’ standard of living the envy of the world, and helped other countries elevate their standard of living?
This bill provides the federal government with vastly expanded powers to keep their “boot upon the neck” of the U.S. economy. These are the people who: cannot balance their own budget; have inflated the value out of the dollar to the point where it costs $16.49 to buy what 6 cents bought in 1933; ran up the federal debt to the point where the world perceives U.S. debt instruments like junk bonds; have already regulated American industry to offshore manufacturing; and mandated the current sub-prime-mortgage-fiasco-caused recession they use as an excuse for this bill. The same people who stole the funds out of the Social Security surpluses, used them to pay for “on-budget” programs, and replaced them with non-marketable Treasury issues which pay interest in IOUs, not cash, thus adding to the federal debt, and causing the current shortfall of funds to pay their Social Security commitments. How long will it be before they use this new financial bill to apply the same principle to every 401k, IRA, bank savings account, money market fund, stock portfolio and employer’s pension fund account in the country?