By John Berlau
The 2,315 page Dodd-Frank financial regulation bill that President Obama will sign today should not be called "financial reform." Instead the bill, which passed the Senate 60-39 last week when Massachusetts Senator Scott Brown joined Maine Senators Olympia Snowe and Susan Collins to grant cloture, should be called what for what it is: pages and pages of massively costly, counterproductive and possibly unconstitutional mandates on nearly every type of business except for those government-sponsored enterprises at the root of the crisis. And while the bill claims to crack down on excesses on Wall Street, its harshest impact will likely be on Main Street businesses that had nothing to do with the meltdown.
A front-page Wall Street Journal article this week noted that "far from Wall Street, President Barack Obama’s financial regulatory overhaul… will leave tracks across the wide-open landscape of American industry." The Journal notes that "the bill will touch storefront check cashiers, city governments, [and] small manufacturers."
But one thing it will leave totally untouched is the government-sponsored enterprises Fannie Mae and Freddie Mac, which new research by Congress’s Financial Crisis Inquiry Commission and other bodies shows was even more of a prime factor in the subprime boom than originally assumed. The Federal Housing Finance Agency now reports that Fannie and Freddie purchased 40 percent of all private-label subprime securities in 2003 and 2004. Indeed, according to Edward Pinto, housing scholar and Fannie’s former chief credit officer, millions of mortgages to borrowers with credit scores of less than 660, considered by prominent researchers to be the dividing line for subprime loans, had been labeled by Fannie and Freddie as prime going back as early as 1993.
Rather than wait for Congress’s own Financial Crisis Inquiry Commission to issue its report in December to examine the role of the GSEs and other causes, Congress passed a bill that will not prevent future bubbles and imposes untold costs that will put the country in danger of slipping back into a recession.
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Lets see, healthcare, financial, and bailouts, all he needs it to shove cap and tax, media takeover, and all he'll have left is to take our guns away then he can declare himself God. *sigh* Where did my country go wrong?
When some foolish people ignored the very real warning signs and drank enough Kool-aid to believe in the "hope and change" mantra. Of course, the fact that the media was working furiously to hide the "real" Obama from the public contributed to many normally sane people voting for this Marxist without realizing it. Of course, my hope is if we're right, the very first people the Marxist screws over is those faux-journalist who protected him. Dictators and Marxist are a funny but predictable breed in that they will throw anyone under the bus to further themselves. Look at what happened with the USDA director. Thrown under the bus without bothering to check. I pray daily for my country, although I think God may have taken my daddy's position when I was unruly and ungrateful as a child and let me have what I asked for, to teach me a lesson when it was painful and boy, is this going to be painful!
He can take all his bills and shove 'em up his ass! F*ck him and his puppets!
It is really devastating to see how this feckless President continues to take this country into bankruptcy, and how many Americans still do not understand what is happening. It is also very disheartening to see Sen. Brown, who I actually prayed (literally) would be successful in his bid for the Senate, turn into another RINO, even worse than Collins and Snowe. He, too, is nothing but a con man, with no scruples whatsoever…how sad! I only hope the 2010 elections bring some sanity back to this country and much of the terrible damage done to the American people by Obama and his cohorts can be repealed, God willing.
do you think Obama will allow Nov. elections to even happen?
How very ironic that the Dodd-Frank Bill is named after the 2 most corrupt politicians that were the very cause of the real estate and mortgage meltdown, Chris Dodd and Barney Frank.! Imagine that! After all, they insisted that every American should be entitled to a house whether they could pay for it or NOT. They should not have a bill named after them. They should have a couple cells in a federal prison with their names over the bars!
Why is it I can't find one person who voted for Obama? Where oh where has the Obama bumper stickers gone? Reposessed by those cars you bought with the credit you didn't qualify for? Now this financial hoax is suppose to solve the spending of government. The same policy that cause the housing market to collapse because people bought houses they couldn't afford? There isn't a d…. thing that Obama has done that is logical or supportive of our freedoms. No doubt about it….. HE IS THE WORST KIND OF POLITICIAN, A MANIPULATOR, A DIVIDER, A DESTROYER OF FREEDOM AND INDEPENDENCE. I CAN'T WAIT TO KICK HIM TO THE CURB!
Just love the picture of the 3 stooges.
Does this mean that Franks and Dodd will be cut off from their play pen? As I see it anything that they pass in Washington someone will come up a way around it. There are more smarter people out in this world then we have in Washington. Thats a fact.
BUMS! THEY'RE ALL BUMS!
Wheter or not we have elections in 2010 and /or 2012 is the big question! There may be more Black Panthers, Acorn, and SEIU types hanging around the polls to see that things "go right!" Obama IS the puppet.. don't think he's smart enough to plan all of this by himself… just like Dodd and Frank aren't smart enough to write over a 2,000 page bill! Questions is, who is the puppeteer? Let people know what's going on, get them out to vote, and don't let anyone intimdate you at the polls!!! And pray to God that this gets turned around!