Midknight Review gives you this brief summary:
1. Wall Street did not "cause" the financial implosion of 2008, yet, Wall Street is the object of this reform bill. Subprime lending and the GSE's known as Fannie Mae and Freddie Mac were the cause(s) of the collapse. Understand that the collapse began on Bush's watch under the Congressional supervision of the Democrat Party. Specifically, the House Chairman in charge of banking oversight was the toothless Democrat, Barney Frank. In the Senate, Frank's counterpart was Chris Dodd. These two men were in place and in charge for TWO YEARS but were never called to account for their contribution to the financial crisis. Bush was not the Dictator of the United States of America. The reform bill did not touch Fannie and Freddie nor did it deal with the systemic concerns inherent in the Affordable Housing policies of the Marxist Libs in power for nearly four years, now.
2. It cannot be known if the purpose of the bill will function in the next crisis. Obama proudly pronounced that we now have a bill that will prevent the events of the recent past from ever happening again. Chris Dobb followed that comment by telling members of the press that we cannot know if the reform bill will, in fact, prevent another crisis. Go figure.
3. Understand that the real purpose of this bill has more to do with creating a subservient voting class within the Wall Street community. The 500 regulations that will grow out of this bill will be administered by Federal agencies. Those on Wall Street who want to play the game, will quickly learn who can be influenced by lobbying tactics and "campaign strategies." The only question, then, will be "Who controls who?"
(c) J David Smithson
Midknight Review
7/22/2010
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