Obama Signs Dodd-Frank Financial 'Reform' Bill: 2315 Pages of Special-Interest Payoffs
President Obama today signed into law the Dodd-Frank financial “reform” bill, the “most sweeping overhaul of U.S. financial market regulations since the Great Depression.” Ironically, the job-killing 2315-page law contains little real reform, and instead contains a vast array of payoffs and favors for special interest groups like trial lawyers.
Civil rights commissioners and economists say it contains provisions that are racially discriminatory.
The bill does nothing to reform the biggest bailout recipients, the government-sponsored mortgage giants Fannie Mae and Freddie Mac, even though administration officials admit they were at the “core" of “what went wrong.”
Fannie and Freddie helped spawn the mortgage crisis by buying up risky sub-prime mortgages and repackaging them as prime mortgages, thus creating an artificial market for junk. Now they are getting a $400 billion bailout.
I previously analyzed the bill here. Financial-regulation expert John Berlau examined the bill here.
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Tags: Dodd-Frank, Fannie, Freddie, Obama
Comment
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Comment by Felton Williamson, Jr. on July 23, 2010 at 10:54am -
An obituary for Freedom!
Congress has passed another 2000+page law (The Financial Reform Bill”) with the promise that we will know what the law requires after it takes effect. Is this the “transparency” Obama promised during the Presidential Campaign? Apparently, this new law gives the government almost total control over the investment of capital. I say” apparently” because no one knows what the law does, how could we? After all it hasn’t taken affect yet!
When Congress passes a law without knowing its content we have “tyranny without representation.”
This is the third 2000+ page law enacted by this Congress and administration, all three with the promise that we would know what the law required after it took effect. We still don’t know all the consequences of the first two articles of tyranny. Where is the outrage? Any Congressperson, who votes for a law without understanding what the law does, is absolutely incompetent and deserves to be drummed out of Congress with their retirement plan and “life time” health care revoked.
The major difference between freedom (Capitalism) and tyranny (Communism, Socialism, Fascism, Kingdoms & Tribal Chiefs) is the purpose of the deployment of capital. The Capitalist’s purpose for deployment (investment) of Capital (wealth) is to make a profit (create more wealth). The tyrant’s uses deployment of wealth to obtain political support, punish political dissent or reward cronies. This is a sure formula to consume and destroy wealth. Remember, wealth is the goods and services required to sustain your life and standard of living.
The Capitalist creates wealth the tyrant consumes wealth.
The “Financial Regulation Reform Bill” will give the tyrants almost total control of the deployment of wealth and complete the dismantling of the American Revolution. How long can an economic system endure when its primary purpose is to consume or destroy wealth. http://commonsense21c.com/
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