Wednesday, July 21, 2010

For Once I Can Agree With Barney Frank

“the people are so dumb they will never know the difference!” Barney Frank*

For once I can agree with Barney Frank...the people are dumb... It was overheard some years ago (this is true) that the Democrats wanted to "...screw things up so bad, that when they were in charge they would get the credit for straighten it all out."  Yet in their attempts to make good on their promise, things go from bad to worse.  Just to remind all you dumb Americans out there, you did not cause this financial mess we're in, the people you voted for did...and you know who they are (Dodd and Frank to name a few) but what makes you so dumb (or as some would call it, "insane") is that you keep voting for the same people over and over again and expecting different results.  All you people who voted for change I hope you all realize now what little change you have left ...but there's still hope for change, you can dump Barney Frank in November ~ Norman E. Hooben

* Additionally, Barney Frank said, "The middle class won't fight back..." 

The following post is from AGJ
As you all know, the Senate passed the Dodd-Frank financial “reform” sham last week. Today, Obama will sign the 2,319-page monstrosity into law.
To your left you see the two corrupt politicians who sponsored the bill.. Chis Dodd, retiring rather than face the shame and Barney Frank, whose attitude is: “the people are so dumb they will never know the difference!”
The Associated Press calls it “sweeping.”
My adjectives are different.
Try “galling:”
In choosing to ignore the actual causes of the financial crisis — loose monetary policy, Fannie/Freddie, and never-ending efforts to expand homeownership — and instead further expanding government guarantees behind financial risk-taking, Congress is eliminating whatever market discipline might have been left in the banking industry. But we shouldn’t be surprised, since this administration and Congress have consistently chosen to ignore the real problems facing our country — unemployment, perverse government incentives for risk-taking, massive fiscal imbalances — and instead pursued an agenda of rewarding special interests and expanding government.
At least we’ll know what to call the next crisis: the Dodd-Frank
Try “discriminatory:”
Buried deep in the bowels of the massive financial-regulation bill the Senate passed Thursday are massive race- and gender-employment provisions that will cost countless millions to enforce and appear to duplicate other civil-rights initiatives already in place.
…Diana Furchtgott-Roth, a senior fellow at the Hudson Institute who served as chief of staff for former President George W. Bush’s Council of Economic Advisers, tells Newsmax that the rules represent a “dramatic change in employment legislation.”
Four members of the U.S. Commission on Civil Rights recently penned a letter to Vice President Joe Biden, Majority Leader Harry Reid, and several other leading senators, objecting to the new fair-employment regime in the Dodd-Frank legislation now headed to the president’s desk.
“The likelihood that it will in fact promote discrimination is overwhelming,” the letter states.
Try “radical,” “expansive,” “power-mad,” and “dangerous:”
Fully 80% of those surveyed by Bloomberg say they have little or no confidence the bill will prevent or even soften a future financial crisis. Nor will the bill be a big win for the economy. If anything, it will hinder the recovery and weaken the financial system.
Indeed, despite all the hype from the president and his minions…most knowledgeable observers agree that the new law will not prevent another financial crisis. No reasonable person should expect that it should. By its very nature, the financial system relies on leverage and investor confidence. As the experience of 2008 shows, that can be an unpredictable and volatile mix. So no matter how many times President Obama says otherwise, the new law won’t ban financial doomsdays. As his own FDIC chairman, Sheila Bair, says, “No set of laws, no matter how enlightening, can forestall the emergence of a new financial crisis down the road.”
Sheila needs to have a chat with the president. He seems to be one of the only ones who’s under the illusion that the bill is some sort of cure-all. “Because of this bill,” he intoned just last week, “the American people will never again be asked to foot the bill for Wall Street’s mistakes.”
Actually, that’s already wrong. Taxpayers are still on the hook for the bad mortgages guaranteed and owned by the two entities (and key causes of the crisis) the new law studiously ignores: Fannie Mae and Freddie Mac. Their ultimate losses figure to be much, much higher than any bailouts provided to date.

Comment by American Grand Jury:
In many ways, this legislation is more dangerous than Obamacare. It can completely wipe out what is left of our banking system as we know it today. Just another license by the communists to steal from the American taxpayer, maybe even our pension and retirement funds as a bonus!

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