Suprises in The Financial Reform Bill

Posted: July 30, 2010 in Current Events, Financial Fraud

I feel good that our new Financial Reform Bill has passed.  It’s great to know the crooks who wrote policies to get us into this mess now passed this monstrosity of a bill to get us out of this mess.  We are told that we will never have a financial crisis like this again because of this bill.  The politicians are correct the next disaster will be much worse.  I feel like I live in the twilight zone.  At what point do people begin to wake up.  This is what we know

1. The bill does not eliminate “to big to fail”.  The big banks will get much bigger to ensure a bigger future disaster

2. The Federal Reserve will gain much more power.  Easy money and artificially low interest rates for an extended period of time are a big reason why we are in this mess.  One can argue we are in this mess because of Federal Reserve policies.  Great job Helicopter Ben!

3. It does absolutely nothing to address Fannie and Freddie.  Thanks for looking out for us Frank and Dodd!!

4. It does absolutely nothing to address the $600 Trillion derivative bubble.  That is not a typo.  To give you an idea of how much $600 trillion is, the world GDP is about $50 trillion.  Can you say leverage!

5. It does create a ton of extra paperwork for businesses and many new government agencies.  Great news the government will get much bigger.  That sounds like a recipe for success.  No more disasters.

6. This great bill exempts the SEC from providing information to the public, including information that would fall under the Freedom of Information Act.  I love transparency!! here Now the incompetence of the SEC will be completely hidden from the public.  I’m sure this will eliminate corruption on Wall Street.

7. Gives the Federal Government authority to terminate government contracts with “financial firms” that fail to ensure fair inclusion of women and minorities in the workforce.  Whatever happened to hiring the best person for the job regardless of sex, race, and religion?  Read quote below from politico:

This applies to “services of any kind,” including investment firms, mortgage banking firms, asset management firms, brokers, dealers, underwriters, accountants, consultants and law firms, the legislation states. Every contractor and subcontractor must now certify that their workforces reflect a “fair inclusion” of women and minorities.

8.  This law eliminates many fees banks currently charge.  Banks have announced there will likely be checking fees. Did Congress think banks weren’t going to make their revenue somewhere else, like punishing the little guy? here

I am sure there will be more on this bill in the near future but this gives you a snapshot.  It is clear we have the most incompetent clowns on the planet running our country.  One thing is certain we can enjoy a bigger government taking more money out of the private sector to run their corrupt government agencies.

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