The four turncoats (Brown, Collins, Snowe and Grassley) made this possible, and simply boggles the mind as to why. Common sense tells you this is a bad bill, and common sense also tells you this is not going to bode well for one's political future, unless the country has gone completely mad.
The bill reinforces the "Too Big to Fail" mentality, costing tax payers untold billions, and has now taken over about one-third of our economy. If that isn't the road to socialism, I don't know what is, and we had four people in the Republican party vote in favor of socialism.
This bill effects all personal loans, business loans, student loans, home loans, commercial loans, and the government is the boss. Kinda spooky, huh. Dick Morris writes about this bill, and our next focus:
FINANCIAL REGULATION BILL IS SOCIALISM
by Dick Morris and Eileen McGann, May 21, 2010
President Obama has taken the United States one more giant step towards socialism by ramming through the Senate his financial regulation bill.
The bill authorizes the Secretary of the Treasury - a political appointee - to seize any financial company (bank or nonbank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding, or any other abuse bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have!
The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit.
And the bill fails to do the one thing it must do -- regulate derivatives and make them transparent. Senator Chris Dodd (D Ct) bowed to pressure from his sponsors on Wall Street and deleted the regulatory provision and set up a commission to study the situation for two years! Senator Maria Cantwell (D Wash) protested the cop out with a no vote against the legislation.
So how did it pass? Four Republicans sold out, that´s how! Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine. But, surprisingly, Scott Brown (R Mass), the newly elected Massachusetts Miracle defected as did the normally stalwart Chuck Grassley (R Iowa).
Now the federal government has effectively taken over about one third of our national economy by passing Obamacare and regulatory reform in almost the same breath.
Repealing this regulatory travesty must be high on our 2011 agenda!
Despite the courageous opposition of Senator Maria Cantwell (D-Wash).
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