30 April, 2010
So basically when Congressman Paul questioned Fed Head Bernanke the answer was...printing press. Hello?! I don't care if it's Ronald Reagan or Barrack Obama, you can't do that. I mean that isn't illegal as you printing bills in your basement, but it has the same effect.
What we need is a Constitutional Amendment that states:
"No law shall be passed respecting the regulation of commerce or abridging the free exercise thereof."
The debt is now $12T that is TRILLION! The U.S. debt as a percentage of GDP is 84%. Greece was 130+%, we are on the way! Yeah! We will be just like the Europeans, we will have evolved completely! Like in a circle.
People, in the next 2 years we will borrow more money than we have in the previous 220 years. Just think about it, say you're married for 20 years and then in 2 months you borrow more money than you borrowed in the previous 19 years and 10 months...that would be a problem!
Interest rates eventually have to go up, which means inflation will follow. That is not what we need right now on top of all of this debt. WE NEED TO CUT SPENDING. I don't care if it's Obama, Democrats or Republicans in the House or the Senate, we need to CUT SPENDING.
We are looking at the demonization phase with Goldman (SEE FRIDAY APRIL 23 ARTICLE) and now we are pressing for reform. Democrats said that we don't need any more time to read this bill. Really? Who's seen it yet? it's 1500 pages and filled with more pork! The last time you said we didn't need to read something we found out that you created 150 new government agencies. That's more than FDR created in 4 terms!
You also found out that you had put yourself on the same insurance plan as us! Still makes me smile.
So, as we wait to see Saul Alinsky's Rules for Radicals play out in this administration, we hear no one in the Liberal media yelling stop! No one in the press saying Obama should return the $1M he received from Goldman, no one in the Liberal media yelling about how Rahm Emmanuel or Harry Reid should return the money they received from Goldman. By the way, who is the party in bed with Wall Street again?
Liberals are quick to point at Bush, they were quick to complain about his administrations links to Enron (and rightfully so) my only question is, where is the Liberal media now? Hello?! Obama is worse than Bush and even worse than Clinton, in terms of shady deals!
What about Fannie Mae and Freddie Mac? There is NO MENTION WHATSOEVER ABOUT FREDDIE OR FANNIE in this Financial Reform bill. How can that be?!
Peter Wallison, head of the American Enterprise Institute, stated that "Fannie and Freddie were extraordinarily important in the financial crisis, as a matter of fact they were responsible for it".
So why don't we see them in this reform bill? I'll tell you why, because it is part of the rigid, Socialist ideology of this president and his administration. This is all about power not about reform. This bill makes Goldman even more powerful!
It was in 1995 under the Clinton Administration that Fannie and Freddie were told to make loans available to those who couldn't afford it. Let me repeat that, make loans available to those who cannot afford it.
If you put 0% down, what did you think was going to happen to that loan? What did you think was going to happen when the banks that originated the loans sold them and most were dumped on Fannie and Freddie? Now they hold 90% of all loans. Once again, the Federal Government holds 90% of all mortgages in the nation...doesn't that sound un-American to anyone else out there? What about you Liberals? Tell me you wouldn't squeal like a pig if it were one evil bank that held all those loans, where are you now? Quite frankly I trust neither, but at least I know a bank would screw it up efficiently!
Don't forget that in 2005 Greenspan warned of systemic risk in the whole mortgage backed security business. When Republicans tried to reform and reign in Fannie and Freddie, the bill was killed with Democrats voting along party lines. Two of the Senators who voted against that reform: you guessed it, Senator Barrack Obama (in one of his few votes that was not merely "present") and the retiring Senator Dodd who wrote this Financial Reform bill.
Liberals and their chimera of fairness are destroying this nation. Look, their perspective is all wrong. They look at why people are poor not why people are rich. If you want to improve things you RAISE the bar, not lower it.
You want real Financial Reform then how about you do the following, and these only:
1. Make Derivatives transparent, run through a Clearing House and traded on Exchanges.
2. Change the leverage percentages that banks and brokerage houses have to maintain for securities, make sure there is enough capital to back them.
That's it. That is all you need to do. Remember, whatever reforms you pass now, in a couple of years some Wall Street sharpie will figure a way around it. So, just get the government out of the way before we have another 2500 page bill and another 100 or so government agencies interfering in our lives.
That's my opinion.
STAY TUNED FOR OUR LIGHT HEARTED LOOK AT HOCKEY AND CANADIANS TOMORROW! Have a Great Weekend!