Congress has insured full employment for the Lawyers and Lobbyists.
Posted July 16, 2010on:
The three traitors in the Republican Party ( Scott Brown, Olympia Snow and Susan Collins ) have again betrayed the people and the Democrats were able to ram Dodd-Frank financial reform bill down our throats. And like Obama care it follows the creed of Pelosi where “we have to pass to find out what is in it”. One thing we do know right off the bat and that is that Congress merely passed the bare outlines even with the 2300+ pages and they left the actual rule making to the bureaucrats to fill in the blocks.
I fear the evil of Obama and the Progressives have won this battle and have taken over the Capitol and functions of government. They now control completely the economy of the United States. We the People may not have until November to use the ballot box because even if all new honest people are elected I fear they will not be able to turn the tide and undo the damage done. And too they will be under much pressure to sell their souls; enough will be weak enough to do so. Yes we have lost the battle, but not the war, if there is to be war. May I quote Thomas Jefferson as he seems to be speaking directly to us, this generation of American Patriots, from the grave:
“God forbid we should ever be twenty years without such a rebellion.
The people cannot be all, and always, well informed. The part which is
wrong will be discontented, in proportion to the importance of the facts
they misconceive. If they remain quiet under such misconceptions,
it is lethargy, the forerunner of death to the public liberty. …
And what country can preserve its liberties, if its rulers are not
warned from time to time, that this people preserve the spirit of
resistance? Let them take arms. The remedy is to set them right as
to the facts, pardon and pacify them. What signify a few lives lost
in a century or two? The tree of liberty must be refreshed from
time to time, with the blood of patriots and tyrants.
It is its natural manure.”
Strange is it not that it has been a “century or two” that our Republic has survived. The Founding Fathers truly did not expect that we could keep it so long. Do we have the courage to ward off this enemy of freedom and continue to keep our liberties and freedom? BB
The rest of the article from the Heritage foundation is of interest to those who care:
Without spending a single dime, the Obama administration did more yesterday to create jobs for the U.S. economy than it has throughout its entire existence. With the single stroke of a pen, President Barack Obama signed the Dodd-Frank financial regulation bill that set in motion 243 new formal rule-makings by 11 different federal agencies. Each of the 243 rule-makings will employ hundreds of banking lobbyists as they try to shape what the final actual laws will look like. And when the rules are finally written, thousands of lawyers will bill millions of hours as the richest incumbent financial firms that caused the last crisis figure out how to game the new system. Yesterday, the Washington law firm Jones Day snapped up the Securities and Exchange Commission head enforcement division lawyer, and J.P. Morgan Chase, one of the biggest U.S. banks by assets, assigned more than 100 teams to examine the legislation.
University of Massachusetts political science professor Thomas Ferguson tells The Christian Science Monitor:
“By delegating so much to the regulators, Congress is inviting everyone interested in the outcome to make more campaign contributions, as they intervene in the regulatory process to influence the regulators. Nothing is settled. It’s a gold mine for members of Congress.”
More articles you may want to read from Real Clear Politics:
op 5 Stories on RealClearPolitics New Law Remakes U.S. Financial Landscape – Paletta & Lucchetti, WSJ Congress approved a rewrite of rules touching every corner of finance, from ATM cards to Wall Street traders, in the biggest expansion of government p… Dodd-Frank Ignores Root Cause of Collapse – Henry and Kotlikoff, Forbes So long Glass-Steagall. Hello Dodd-Frank–the most comprehensive rewrite of financial rules since 1933. This 2,319-page colossus–10 times the length … Bill is a Start That’s Better Than Nothing – Clive Crook, The Atlantic The biggest and most valuable ideas in the bill are the FinancialStability Oversight Council and the new early resolution authority.Concerning the fir… Does This Bill Really End Too Big to Fail? – Gillian Tett, Financial Times Another day, another round of nail-biting debate about financial reform. On Thursday, the US finalised its mammoth regulatory overhaul, the Senate a… Can You Hear Goldman Laughing? – Tunku Varadarajan, The Daily Beast Absorbing the gush of news yesterday afternoon, I was struck between the eyes by the fact that the financial reform bill had sailed blithely through…