Jul 15 2010
The Financial Bill is Bad for America
I think most people would agree that there should be some common sense regulation on Wall Street to prevent another crash like we saw in 2008, but this financial bill produced by the Congress is nothing but another special interest ass kissing. This bill is chock-full of provisions that have absolutely nothing to do with the financial crisis whatsoever.
Principal among them is a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States.
The so-called “proxy access” provision, which activist groups say they will use to try to improve oversight of corporate financial practices, has provoked a backlash from the Business Roundtable, U.S. Chamber of Commerce and other major non-Wall Street business groups.
“This legislation includes provisions totally unrelated to the financial crisis which may disrupt Americas fragile economic recovery” and lead to increasing political battles in the boardrooms, said John J. Castellani, president of the roundtable.
So let me get this straight, we’re supposed to combat financial corruption by infiltrating it with union corruption? How are union and environmental activists sitting on boards of directors going to prevent another financial crash? They don’t. The Democrats are just throwing a bone to their base.
Other provisions of the financial legislation, which goes before the full Senate on Thursday for a vote and likely passage, favor Democratic constituencies directly by requiring banks and federal agencies to hire and do more business with them.
The bill would create more than 20 “offices of minority and women inclusion” at the Treasury, Federal Reserve and other government agencies, to ensure they employ more women and minorities and grant more federal contracts to more women- and minority-owned businesses.
The agencies also would apply “fair employment tests” to the banks and other financial institutions they regulate, though their hiring and contracting practices had little or nothing to do with the 2008 financial crisis.
Another load of crap. Again, what does this have to do with the financial crisis? Not a damn thing. This is nothing more than institutionalized racism. Why do we need 20 more affirmative action offices? Are there not enough already? Why is it so hard for these buffoons to understand that they are never going to eliminate discrimination in our society if the government openly partakes in it?
The powerful new consumer protection agency that is the centerpiece of the reform bill also would provide substantial employment opportunities and funding for Democratic and social-activist groups such as the Association of Community Organizers for Reform Now (ACORN), critics say.
The criminal organization ACORN was one of the players who had a hand in the crash from the very beginning. They were one of the groups out there pressuring banks and mortgage brokers to lend to people who shouldn’t have qualified for mortgages in the first place, thus creating the crisis when they all started defaulting on their loans.
Like the corporate boardroom provisions, many of the activities within the reach of the new consumer agency had “absolutely nothing – zero – to do with the financial crisis,” Mr. Corker said. “But this has become a Christmas tree for those kinds of things, because people realize it’s something that’s going to pass.”
Need I say more?
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[...] this afternoon. There was no expectation for it not to once they had enough votes for cloture. As I wrote earlier today, it’s a bad bill overall and contained many provisions that have absolutely nothing to do [...]