The reason why: By John Cooper-Mullin
You may think that the current McCarthy Hearings into Goldman Sach's mis, mal, and non- feasance have some purpose, beyond letting the most ignorant of yahoos vent their lungs. If so, you are right!
Its purpose is to misdirect attention from the most astonishing expansion of federal power ever. 'Ever?' you say? Yes, ever. To save myself reciting obvious points, I enclose the following article, which trust me, is optimistic:
http://spectator.org/archives/2010/04/28/the-presidents-permanent-tarp
As I hope has been obvious previous to this event, I do not much care for what has become of the securities industry over the past fifteen years, and I have no sympathy whatsoever for many of my 'peers.' But this bill will guarantee that new capital flies as far away from US jurisdiction as it can get. To be blunt, there will be nothing at all left to regulate, excepting a few pawn shops. The economic harm wrought by this senseless and stupid act exceeds even that offered by the recent healthcare confiscation. The threat of outright nationalization will hang heavy over e-v-e-r-y entity with even a remote relationship to banking, securities, lending, venture capital, private equity - you name it. And with that threat ever-present, de facto nationalization can proceed apace. It surprises me not in the least that major financial institutions have already knuckled under and announced their 'support' for this measure. What choice do they have? Who can dare to object, when the operation of this act will be essentially as lawless and arbitrary as a Star Chamber? Rather than oppose, all of them are rushing to pack the bill with as many permanent impediments to future competition that they can. Heck, even GOLDMAN supports it!
Lest I seem to be exaggerating the extent of the arbitrary and capricious nature of this bill, recognize that certain insurance carriers in Connecticut will be exempt from many of its provisions. Now why would that be, Senator Dodd?
It is tempting to look on this folly as just another reversible error, akin to the rest of the mess so many expect to be cleaned up come November. Think again. jc-m
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2 comments:
What I find amazing is that even though the majority of Americans are opposed to Obama's efforts to "transform" America, he still manages to push his way through and get what he wants.
This President is so-o-o-o reckless in just about everything he touches. And frankly, my friends and I feel utterly helpless.
Of course he is going to destroy the financial institutions of America! His profligate spending is seemingly eternal. What has made this country great over the past 200 years, this man in 1 year has managed to dismantle. And whether the media reports it or not, Americans ARE PISSED!
If we do not take to the polls and get these morons out of office, immediately, then I believe it will be extremely difficult, next to impossible, to get our country back as we have known it.
His hands are in everything. Come on: lawyers going to the oil spill. swat teams. what on earth are lawyers needed there for? So Obama can go after big oil with lawsuits, and start the nationalization of that industry next?
The only consolation I have is that I at least watched, read, listened to this man while he was campaigning. And by doing that, I was no fool and voted the opposite, even though I was not too keen on the Republican ticket. But it is a small consolation, believe me, especially as I watch his octopus fingers every where.
And by the way, Wall Street does have a choice. The choice is to stand up and be counted as those who have had enough of this crap by Obama. Don't think for one second that all of America is blaming the rich, even though he plays the blame game.
This is the most wretched individual who has ever graced the Oval Office.
i cannot access this article through the link you provided. tried 3 times. security stops it every time. will try another route.
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