Brushfire of Freedom
Ram Rants
It seems that once Obama finished shoving his plan for the destruction of the health care industry down our throats, he immediately began working to complete his disastrous agenda with fresh attacks on the financial industry. It all began with Chris “Country Wide” Dodd, the man largely responsible for the recent financial melt down, and his plan to ensure his continued government employment after life in the Senate, also known as “Financial Reform”. Then, as if by magic, the questionable charges against Obama-backer Goldman-Sachs to drum up hatred for Obama’s number one enemies - successful people. Barry is hoping he can create yet another crisis that will allow him to take over more American industry.
You don’t believe me. You think there really is a need for additional financial regulation. You think evil companies like Goldman should be stopped from damaging “main street” America with their recklessness. Why with Enron, and Country Wide, and Goldman running around with no regulation, what more could we expect? This must be stopped, and stopped now, for the safety and security of our nation. That’s your position, right?
A quick question for you - if the regulatory system is in such need of repair, why are there any charges against Goldman-Sachs? Wouldn’t the need for immediate regulation indicate that there is a lack of legislation to manage these companies? I would think that a lack of legislation would result in these companies “getting away” with bad practice because there is no regulation. It would seem to me that a lack of necessary regulation would be demonstrated by a lack of charges against Goldman-Sachs because there would be no laws that could be used to define a violation. How can you charge someone for breaking a law that doesn’t exist?
In the United States we have several government institutions whose primary purpose is regulating the financial industry. There’s the Securities and Exchange Commission (SEC) who, when not watching porn at taxpayer expense, are responsible for oversight of the stock market and options trading. The SEC is responsible for enforcement of the SEC Act of 1934, the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, and a host of other regulations. Then we have the Federal Reserve System (The Fed) which is the central bank of the US. They are the only entity that can introduce new money into the market, a fairly significant lever on regulating the financial industry. The Fed is responsible for regulating banks and maintaining stability of the financial system. Next on the list, the Federal Deposit Insurance Corporation which insures deposits made in banks and is also responsible for supervising certain financial institutions for safety and soundness. The FDIC also performs specific consumer-protection functions, and manages failed banks, a very busy part of their business since Obama came to power.
There’s the Commodity Futures Trading Commission overseeing commodities trading and responsible for enforcing about a half-dozen regulations, the Office of Thrift Supervision that oversaw the 2008-2009 financial crisis, the National Credit Union Administration, and the Office of the Comptroller of Currency. Each of these government organizations was created by legislation for the purpose of regulating the financial industry. Each has several regulations it is responsible to enforce. So we have about a half-dozen regulatory agencies, each with a half-dozen or so major legislative acts, that’s about 36 acts (6x6 for my Democrat friends) that regulate the financial industry. If each regulatory act is just 500 pages (small by today’s standards), that means a total of 18,000 pages of regulation. For one industry. And that is a very conservative estimate.
And Barry thinks we need more?
Actually no, Barry doesn’t think we need more. In fact, his financial reform strategy is nothing more than another milestone in his socialist agenda. The only thing that Obama promised during the campaign that he is actually delivering is the wholesale remaking of this country. Barry doesn't want more regulation. He doesn’t want to save you from the evil bankers, doctors, and car manufacturers. Barry, Harry, and Nancy want power and control. You need only read the legislation to understand this fact. The Fed will have the power to decide, the government bureau will determine who will, and the federal agency will designate the appropriate banks, doctors, cars, etc. that you and I will use. They will tell us what to eat, what to drive, where to spend our money, how much to spend, and what we can buy.
Think I’m going too far? Then why fix something that is not broken? Why create more useless regulation on top of the mounds of regulation that already exist? If it is broken, then why are there charges against Goldman-Sachs? Will it get this far? Maybe not, but it is the inevitable conclusion to the process that Barry and company have begun. They will not stop unless they are stopped, and now is the time to hit the brakes. There is no need for regulatory reform. It will cost more than planned, be less effective than the existing regulations, and create an even greater federal bureaucracy. If you want to fix something, fix the skyrocketing deficit. Stop the spending, stop the government waste, stop the useless expansion. Fix that, and leave what’s working alone.
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