Financial Reform

with the passage of the so-called Financial Reform bill yesterday, there are now hundreds of new rules for american banks and other financial institutions. The genesis of the bill is of course, the financial meltdown which led to bailouts and a major recession. The Democrats sold this bill as a way to prevent any of that from happening again.

the strange thing is that the bill does not prevent bailouts. Rather, it institutionalizes them. In the future, financial bailouts can be decreed by the President and secretary of the Treasury. Approval from Congress will no longer be needed. So, according to the Obamacrats, in order to prevent bailouts, we have to make them easier to pull off. This is another of those things that only government and con men can say with a straight face.

I do not know if the bill will help or hurt the economy. Indeed, no one knows that. Nor could they since the ever shifting contents have not been public long enough for a careful analysis of the more than 2000 pages of statutes. I do know, however, that the Obamacrats are lying about the reason for the bill. That, more than anything else, makes me believe that this is not a good development.

I hope that whoever takes the reins in Congress after the election will insist on some measure of transparency. Even if the people cannot get all the facts, it would be nice if at least the Congressmen get the facts and know in the future for what they are voting. Truthfully, it may be time to change the Obamacrat name to something with more of an American historical ring: the "Know Nothings".