Dec 11 2009
Another Step Towards Socialism
Just a few hours ago the U.S. House of Representatives passed The Wall Street Reform and Consumer Protection Act of 2009, House Bill 4173, which if passed by the U.S. Senate will do the following:
The House voted 223 to 202 today to approve the most sweeping overhaul of financial regulations since the Great Depression, a sprawling measure that would create a new agency to protect consumers and give the government broad new powers to dismantle large firms that pose risks to the economy.
So two things are happening here. One, we will be creating yet another bloated Federal government bureaucracy with unconstitutional powers. Second, the Federal government will now have the right to seize and liquidate a firm that it feels is “risky” to the economy. Well who the hell makes that determination, the people in Congress? Most of them have never operated a business in their lives. What the hell would they know about what poses a risk to the economy? Take a look at the state of the American economy today and tell me that these people are qualified to make this determination.
The potential for corruption of course is huge. For example, what if the Feds wanted to force another industry to take government funds like they did to the banks with TARP and one firm pushes back saying no? Under this new power all the Feds have to do then is lean on them and threaten to find them too “risky” to stay in business if they don’t play ball.
When we give the Feds the power to seize private businesses we take another step closer to becoming an oppressive Socialist state like Venezuela, Cuba, or North Korea. This is incredibly dangerous, but your average American won’t even know this happened today and many that do will think it’s a fine idea to stick it to those Wall Street goons. Let’s not forget that it was the Federal government that opened the door to this economic crisis in the first place.
Every Republican in North and South Carolina voted against this swipe of freedom. They were joined by Democrat Mike McIntyre (NC-07). All other Democrats in our two states voted for despotism today.
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Unlimited control of the money supply by big banks vs tight control of banking practices by elected officials. Tough call. We’ve seen what happens when banks go unchecked. Let’s give regulation another try. It worked very well until Reagan removed it. And I have trouble giving free reign to people who make billions off of those who are one paycheck away from poverty.
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