I'm no financial expert, and I am not qualified to examine and critique this latest piece of legislation, but one thing sticks out about this "sweeping new financial legislation bill" that has just passed the Senate; it is named after the two boobs who are largely responsible for the bank/financial mess we got into in the first place-Barney Frank and Chris (Countrywide) Dodd. That can mean only one thing; it is bad news.
I have written previously about the roles these two boobs played in the banking meltdown, so I won't repeat them here. All I know is that any "solution" authored by these boobs is a "delusion". This is akin to having the fox repair the chicken coop after he has broken in and eaten all the chickens. They could call it the Fox Reconstruction Bill.
How about the Nixon Privacy Bill?
"I like it."
Or the Gibson/Simpson Domestic Abuse Bill?
"You #&*@#%^& ^&%$#^% %$@##&*!!
Or the Wolf (Big Bad)/Polanski Child Protection Bill?
The Bill Clinton Sexual Harassment Bill?
The Shabazz Voter Rights Bill?
One can only wonder how many favors and breaks Dodd and Frank snuck in there for their pals. What pals, you ask? Well, Barney has plenty of pals at Fannie Mae. He used to have a live-in partner who was an executive there.
"Can you be specific, Fousesquawk?"
Yes, that would be a certain Herb Moses.
Frank has also taken care of Maxine Waters' businessman husband in the past. Dodd? Every heard of the "Friends of Angelo" (Countrywide)? Dodd was a "friend of Angelo" (Angelo Mazzilo, CEO of Countrywide). God only knows who these guys' friends are now and will get goodies out of this bill.
The Dodd-Frank Bill is criticized because it has to do with setting up more government controls by the Administration's friends, such as unions, and groups similar to ACORN and SEIU. This bill supports loans for individuals who cannot afford them. Does this sound like the problem that wrecked our economy in the first place. Well, look who wrote it. The Dodd-Frank (read Fannie-Mae and Freddie-Mac, Countrywide). This means more economic devestation and more big government to rescue those who are going to be devestated in the future. The perfect Marxist solution.
ReplyDeleteRead the link for more shocking details: http://www.washingtontimes.com/news/2010/jul/14/finance-bill-favors-interests-of-unions-activists/
Squid
.
ReplyDeletePass a 'NO-Names on Bills'Law! Stop politicians feeding their egos!
.
absurd thought -
our Supreme God says
always try to pass BAD laws
if your name is on the bill
it may live way past your death
absurd thought -
your Supreme God says
try to pass harmful laws
if your name's on the bill
it WILL feed your ego well
.
Captain U Space,
ReplyDeleteI THINK I agree with you and I love your logo.
Thank you Gary, good post! Chris Dudd and Bwawney Fwanks are shameful criminals. Excellent examples of why we must have term limits for Congress.
ReplyDelete:)
Captain,
ReplyDeleteChris Dudd and Bwarney Fwanks! I like that.
Sour grapes Gary. This bill is a mess because getting a majority in either house of congress to pass it required so many deals and concessions to so many small-minded preoccupations, many of them tied to local voting blocs and / or campaign funding sources.
ReplyDeleteA simple, straightforward approach would have been to restore Glass-Steagall, write the Volcker rule into law, in full, make the banks go back to being banks, require institutions that are federally insured to invest prudently, and let the "big profit" speculative investment firms hang out there where they could collapse when it is time to pay the piper, without the rest of us being put at risk.
The only thing I would have added is to break up all these "too big to fail" banks into smaller regional and state institutions. But do you think one Republican would have voted for that? No, a majority of Democrats wouldn't either. Lampooning Dodd and Frank, neither one of them heroes of mine, doesn't really change any of that.
Siarlys,
ReplyDeleteThere is an entire history of the Dodd-Franks shenanigens in the banking industry to be found right here at my humble little blog. Do some research.
It is a story of corruption.