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AP Photo/Pablo Martinez Monsivais
Democrats continued tearing the Constitution to shreds Thursday, voting to pass Obama's tyrannical government takeover of Wall Street, which will impose hundreds of crushing new regulations on all the banks that drive our economy.
You think jobs are going overseas now? Just wait.
As I have noted, this latest economy-killing assault on the free market (which was made possible by a small handful of treacherous Republican sellouts):
- gives Obama the power to arbitrarily deem any financial institution he pleases a "threat" to the economy and dismantle it with virtually zero oversight,
- protects the interests of the biggest Obama campaign donors, like Goldman Sachs, while raking all the smaller banks--the ones that had nothing to do with the meltdown--over the coals,
- deliberately ignores the root cause of the collapse--Fannie Mae and Freddie Mac (which Democrats have spent the last decade protecting from any and all reforms so they could go on raiding them for campaign contributions on their way down)--even as their staggering losses continue to bankrupt the country,
- perpetuates this "too big to fail" culture while ensuring endless, massive bailouts,
- uses more government control to pretend to reign in the "recklessness" of Wall Street, which never even existed until Democrats forced banks to lower their lending standards while federally insuring their losses (i.e., turned Wall Street into a taxpayer-insured casino),
At least some Republicans are calling for this insanity to be repealed.
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Comments
Freddie Mac and Fannie Mae have absolutely not been ignored. They are not included in the reform because their problems were so severe they needed VERY special attention. To say they were ignored is a gross misrepresentation of facts.
Mayer Amschel Rothschild (founder of the rothschild banking dynasty) said: "Give me control of a nation's money supply and I care not who makes her laws."
When any single man or group of men control our supply of money, such as through the Federal Reserve or banking regulation, they constitute an tyranny more powerful than any government. We all become defacto slaves to their every whim. this is Obama's goal, to tighten the strangle hold that his private handlers already have on us.
The American Dream is nothing but a dream as long as these wicked men rule.
The bankers are the key to tyranny. when they are bound, the state is restricted; when they are unbound and in league with the state, the people are their chattel in every way.
God save America!
The two companies, which have been run by the government since they almost collapsed in September 2008, have required $111 billion in federal aid to stay afloat. Late last year the Obama administration pledged to cover unlimited losses through 2012 for both companies, lifting an earlier cap of $400 billion.
--Alan Zibel, AP Real Estate, Friday January 22
Fannie Mae and Freddie Mac are now multi-billion dollar money pits with an unlimited credit line from the U.S. government for at least the next two years. The government-sponsored entities asked for $20 billion after reporting massive first quarter losses, bringing their combined tab to shocking $145 billion.
--Peter Gorenstein May 19
"We are paying these people bonuses to lose tens of billions of dollars," said Rep. Jeb Hensarling, R-Texas at Friday's hearing. "What people do with their money is their business. What they do with the taxpayer money is our business."
lg says:
Freddie Mac and Fannie Mae have absolutely not been ignored. They are not included in the reform because their problems were so severe they needed VERY special attention. To say they were ignored is a gross misrepresentation of facts.
So please do tell us Ig ......how exactly have Fannie and Freddie and their problems exactly been addressed? Perhaps I missed that news day. Oh that's right, Freddie and Fannie are govt entities and not those evil private sector companies that must be regulated into non-existence. Please do educate us on how Freddie and Fannie's problems are being addressed and fixed.
Herb Moses (Barney Frank's lover) was head of Fannie Mae during the 1990's push by Frank to deregulate the quasi-government entity.
During that time, Fannie was milking the market for as many CRA loans as possible under the auspices of "The Full Faith and Credit of the United States Government," which means you an me will foot the bill if the house of cards comes tumbling down. Oh....but you know that by now.
So, the deal is, Frank and Moses, besides doing the tube-steak boogie were busily setting Wall Street up for a fall by packaging CRA loans and selling them with the government secured stamp.
It looked like everybody was a winner...until the crash. Then the Fed, Goldman Sach, AIG and Franks, Moses', Gientner's, Paulson's and Obama's buddies made out like bandits, the Govt had reason to "regulate" (meaning monopolize) Wall Street's "too big to fail" scumbags who won on both sides of the deal while we twist in the wind.
Do blow-jobs count as a conflict of interest?
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