“Open your mouth honey, this won’t taste bad.” Remember your mom saying that as she held the spoonful of dreaded medicine?
Well, that is what the government is doing with the signing of the Financial Reform Bill, Wednesday, July 21, 2010. This bill is poison to our country; to each individual and every business large or small.
I have shortened them a little, but these are the highlights of the Financial Reform Bill:
Consumer Protections with Authority and Independence: Creates a new watchdog, with the authority to ensure American consumers get clear, accurate information for mortgages, credit cards, and other financial products.
Ends Too Big to Fail: Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy.
Advanced Warning System: Creates a council to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the economy.
Transparency & Accountability for Exotic Instruments: Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated.
Federal Bank Supervision: Streamlines bank supervision to create clarity and accountability. Protects the dual banking system that supports community banks.
Executive Compensation and Corporate Governance: Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation.
Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.
Enforces Regulations on the Books: Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system.
Here’s the problem:
- New watchdog is made up of Czars who can bypass Congress
- Taxpayers won’t be asked; government will bail out who they want
- Why create a council; why not just check it out
- Who decides what is risky and abusive
- Fannie Mae and Freddie Mac were left out of bank supervision
- Shareholders will not have a real voice
- Transparency and accountability, yeah right
- The government can now see every credit purchase you make
The fact that Fannie Mae and Freddie Mac were left out of this bill makes it bogus.
This government has decided that we, as individuals, have no rights. If we have a business and they don’t like it … gone. If they decide we are making unwarranted credit purchases, we lose our credit card. If they want to bail out “Samson & Smythe” we will foot the bill. And so on.
And you can be sure that if we challenge this bill we will be called instigators, liars, etc.
So tell me America, are your pants on fire?
May Your Glass Always Be Half Full
Over the Edge:
read Chapter Four at: