When regular folks hear the phrase “financial regulatory reform,” their eyes start to glaze over.
Here’s what that phrase, as it applies to Democrats in Congress, really means: The beginning of an anti-business federal take-over of the banking industry.
No, the Obama administration won’t actually be running the banks themselves (yet), the way it did when it bailed out General Motors. But the financial regulatory reform bill starts this country down a very slippery slope by starting to compete with private local banks by taking over the student loan program.
Worse, as Grover Norquist of Americans for Tax Reform explains, the bill could force healthy, responsible banks to pay higher taxes and fees to “subsidize the irresponsibility of other institutions which have received bailout funds, but have not sufficiently reformed themselves to the point where these funds can be recouped for taxpayers.”
“The FDIC, which is a government agency, is compelling the payment of funds to the Treasury in order to meet general obligations,” Norquist continued. “This is clearly a tax increase, and should be opposed by all Congressmen and Senators who claim to be on the side of taxpayers. Ultimately, the costs imposed by this new tax will be seen by the public in the form of higher fees, lower savings interest rates, and higher interest rates on mortgages and car loans.”
In short, “FinReg” isn’t going to just hurt our local banks here in Delaware, it’s going to hit you and me directly in our wallets.
This bill is so bad that only three Republicans in the House voted for it last Thursday.
And Congressman Mike Castle is so bad, he was one of those three Republicans.
Can we really afford to give Harry Reid yet another dependable anti-business/pro-big government vote in the Senate?
-eTeam
Regarding Financial Reform, President Obama says John Q Public is “Joe Jerkwad.” – SHOCKING deets are at:
http://spnheadlines.blogspot.com/2010/05/dodd-new-reform-law-will-regulate-hedge.html
Peace!
Great points. I posted the following on Twittter:
Liberal solutions to problems are often worse (and dangerous) than problem to be fixed #DESEN Read @ChristineOD http://t.co/e1rZVCb
A Presidential administration that would plunge this Nation into 14 trillon dollars of deficit spending,
should be the focus of “financial regulatory reform”. Geitners FDIC people are looking for money, anywhere they can find it.
This legislation is much further reaching than you may imagine…
The certain restrictions on hedge funds make it much harder for businesses, and is devastating to Agriculture!
By making it harder for farmers and farm cooperatives to hedge on costs and sales, their ability to qualify for credit is adversely affected.
Like so many other recent laws, the creators say ‘I didn’t realize that bill I voted for would do THAT.’
Combined with misoverestimating (to use a reverse Bushism) crop plantings, we is in a heap of trouble folks!
will post this on Patriot Freedom at http://www.patriotfreedom.org Lets all WIN this Nation Back…together
Mike Castle regularly votes FOR bills that help tiny segments of Delware society (the firms that subsidize his campaigns with lavish “contributions”) but that hurt most Delawareans. The financial “reform” bill is one of those bills. Cap-and-trade is another one; it would increase the costs of doing business, and thus kill jobs. Castle somehow think a handful of mega-rich individuals ARE Delaware, perhaps because he’s one of those mega-rich people. The Delaware Establishment hates Christine O’Donnell because they can’t control her. That’s a very good reason Delawareans should vote for her.