The Bogus Financial Reform Bill

So many things to complain about and so little space on a blog without boring people to death. We have already lost on the Stimulus, and Health Care, so I will move on to the current so called crisis. Financial Reform.

There are so many agencies and regulations in the financial industry, that it is ridiculous to add more. The laws already in place are more than enough to solve any and all problems that may occur. The real problem is that the existing laws have been perverted by the government.

There is no such thing as a company “too big to fail”. If AIG, Goldman, GM, and Chrysler had been allowed to follow the natural course of business some of them may have very well had to go through bankruptcy or even liquidation. So what? They wouldn’t have been the first or the last, but, they and we would have come out better on the other side.

Think about how Obama handled the situation. He used our tax dollars to keep them from going bankrupt and if they don’t pay it back our children and grandchildren will.

The reason Obama bailed them out was to pay back the unions for their financial support and votes. This is quid pro quo. The reason GM was in this financial mess to begin with is (you guessed it) the unions. GM in case you don’t remember was paying over $76.00 per hour in union wages and has billions in unfunded pension and insurance liabilities. Those liabilities now belong to the tax payers. Toyota’s hourly cost is roughly $46.00 per hour in comparison.

AIG, Goldman, and many other Wall Street companies are also major donors to Obama. All members of his cabinet and his Czars are former employees of these companies or from Academia. If these companies had failed it would have cost many stockholders a lot of money just as Enron did, but that’s life when you invest in the markets. The world didn’t end when Enron failed and it wouldn’t have ended if these companies had failed. Had these companies been allowed to fail you can be assured many of their executives would have been prosecuted as they should have been.

I urge you to tell your representatives to vote against this bill and just enforce the laws already in place. This bill will give the executive branch power that is beyond belief, and Obama will use it as a sledge hammer to get what ever his heart desires regardless of what it does to us or the country.

Immigration will be my next blog and soon!!

Published in: on April 24, 2010 at 4:35 pm  Comments (2)  

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2 CommentsLeave a comment

  1. Prez B.O. is living in the aftermath of Prez Slick Willy that signed the law killing the separation of investment banking from retail banking. (We didn’t need that law that was created after the Depression, well because we never had a Depression with that law!) So anyhow, his massive shell game bill has no regulations or controls on the source of the meltdown; mortgages that should never have been issued. Now we have sold mortgages and created collateralized debt obligations for decades without incident. Until mortgages were written that would never be paid. That was and is the main problem, thank you to Prez Slick Willy, ‘leave no man’s behind’ Barney Frank, and ‘I got a good deal on my mortgage’ Chris Dodd.

    • You make both a correct, and excellent point.

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