Karl Rove has studied this bill and he claims:
Now I have read parts of the health care and stimulus bill and both of those bills created new bureaucracies that are designed to collect information on private citizens digitally and analyze it to create "policy".
Let me ask you folks on the left, would you be in favor of this if Bush proposed it?
I have a funny feeling you'd all be screaming bloody murder if Bush proposed such legislation, but for some reason since Obama is proposing it you're all going to love it! Why is that?
The proposed bill has nothing to do with financial reform. It's about control. It's a perpetual bailout giving the Sec. of the Tresaury (the one that couldn't manage to do his own taxes) unlimited authority to take over any business he saw fit to or bailout any business on his whim. How stupid do we have to be to ignore this crap? Pretty soon we're gonna be wearing a national uniform, riding identical bicycles and chanting to Chairman Obama.
Well, I just want them to fix the economy so I can get my college degree job back and not have to put up with stocking shelves overnight for what an 18 year old dropout is making.
At this point, I'm for the "whatever works" approach, no matter how jaded it is.
Here's the NYTimes take this morning on the Dodd committee bill-too many loopholes. Since when is Karl Rove an authority on bank regulation?
http://www.nytimes.com/2010/04/22/opini … ef=opinion
Come on Ralph! Even I could read that bill and understand the creation of a new government agency and what they will be responsible for.
I saw it in the stimulus bill too when they created an agency to digitize all medical records. In the health bill too are a host of intrusive agencies collecting data from us to be used to make policy. You don't have to be a genius to see what's going on.
By the way, all of these intrusive new government agencies will still exist when Obama is gone and the republicans control congress. I'm sure when they start using that data in ways that wasn't intended all you on the left will be crying foul, but it will be too late then and it will be your fault that you didn't speak out when you should have!
Watch out for the black helicopters. Stash some AK-47s and some food in the woods.
Dude, I'm not paranoid, I'm just stating the facts!
I don't want to hear you leftys crying later about your freedom and your rights!
Another Obama Deception designed to shift power to the Federal Reserve.
Team Obama wants to give the Federal Reserve (A non-governmental agency for the uneducated) even more power.
This will create a complete "circular reference"... the very people who create the problem will now be at the controls of the problems they create.
Like giving Herion to a Herion addict then telling them to "get clean".
The Agency they want to create will be housed inside the Federal Reserve building.
The $50 Billion slush fund will be used to dismantle supposed failing banks. This is in fact just a free bailout to those who are irresponsible. The cost of which will be passed along to the consumer.
It's a total Fraud. Team Obama knew full well the corruption and fraud in investment banking and chose to bail out their buddies. Both the Obama and Bush Administrations are/were full of Investment Bank appointees.
The only Reform that will ever "fix" the system is to eliminate the Federal Reserve and Fractional Reserve Banking.
The Debt Model has failed worldwide. The accumulation of Debt is a disaster. Americans are already Slaves to Banks.
Now Obama is supporting a Value Added Tax. The irony of which is this TAX (Remember his promise to not raise taxes on families earning under $250,000?) will hurt the poor the most.
Obama is a Fraud and this Reform Bill is a fraud. Obama is using the anger of the ignorant american population as the guise for pushing this through.
By the time that Obama is done we'll be living in a police state with no jobs and everyone standing in line at the soup kitchen.
Opinions are okay, but facts are more impressive.
Facts? Would those be "facts" like telling people the following:
So what's the difference, Ralph, between your non-factual statements and another person's non-factual statements. Cause I'd really like to know the difference. Otherwise you're just a hypocrite when it comes to people disagreeing with you.
No difference, in the comment you cited. However, I like to think that once in a while I provide some facts, links and reasoned commentary as you well know. And I try to avoid name calling for the most part which is more than you can say, my friend.
Obama is pressing for effective financial reform. The GOP is now professing to support reform while behind the scenes doing everything they can to water down Dodd's already somewhat weak proposals.
"The bill would enshrine Washington’s role in policing Wall Street, creating a nine-member council, led by the Treasury secretary, to detect systemic risks to the markets and placing the Federal Reserve in charge of all of the nation’s largest and most interconnected financial institutions." -- Source NY Times
Timothy Geithner is the Treasury Secretary and was President of the Federal Reserve Bank of NY.
Geithner is a TAX CHEAT.
At the Senate confirmation hearings, it was revealed that Geithner had not paid $35,000 in self-employment taxes for the years 2001–2004. The International Monetary Fund (IMF), an international agency and his employer during the time in question, did not withhold FICA taxes, but instead reimbursed the usual employer responsibility of 50% of these taxes to employees who were subject to the taxes. Geithner had received the reimbursements, and paid the amounts received to the government, but had not paid the other 50% which would normally have been withheld from his pay. This failure to pay was noted during a 2006 audit by the Internal Revenue Service (IRS), in which Geithner was assessed additional taxes of $14,847 for the 2003 and 2004 tax years. The statute of limitations had expired for 2001 and 2002, and Geithner did not file amended returns or pay the additional amounts due for those years until after Obama expressed his intent to nominate Geithner to be Secretary of the Treasury. He also deducted the cost of his children's sleep-away camp as a dependent care expense, when only expenses for day care are eligible for the deduction. Geithner subsequently paid the IRS the additional taxes owed, and was charged $15,000 interest, but was not fined for late payment
FACT: This Bill is a Power Shift to the Federal Reserve
"The creation of a Financial Stability Oversight Council chaired by the Treasury Secretary and comprised of the heads of other regulatory agencies. The nine-member council would serve as a kind of board of directors for the Federal Reserve’s regulatory responsibilities. It could encourage the Fed to impose new rules to address emerging risks to the financial system and the broader economy; it could accept the Fed’s request to place non-bank financial companies under the Fed’s jurisdiction, and it could approve the Fed’s request to force an unstable company to shrink."
This is NOT opinion... nor was my previous statement. I read as much as I can about the Bills from a variety of sources.
There is a lot of ignorance here based on opinion... but it's not coming from me. And that's the FACT!
by William R. Wilson6 years ago
I got this in my email today. This is the sort of thing I hired Obama to do:Thoughts?
by Ralph Deeds6 years ago
SENATE PASSES SWEEPING FINANCE REFORM BILL 59-39The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the...
by Stacie L5 years ago
http://news.yahoo.com/protesters-blocke … 39609.htmlBy Mariano Andrade | AFP 13 hrs agoHundreds of people marched near Wall Street in New York in a failed attempt to occupy the heart of global finance to...
by Evan G Rogers6 years ago
I keep getting into discussions about economics on these forums (mostly because I hunt for them...), and the same response keeps popping up: "well, what are YOUR economic credentials!?". This is said to me...
by johnnyco126 years ago
Name the five most important issues at stake in the upcoming midterm elections.
by Gary Anderson7 years ago
This guy is or was high up in the Fed. The fed is a PRIVATE bank, despite the lie on their website. The fed is owned by private stock and the US government owns none of that private stock. ...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.