Nancy Thorner has a post today in Freedompub.
The “Do-Something” Congress creates a monstrosity of a financial regulation bill
The 2,300-page monstrosity of a financial regulation bill, the Dodd-Frank financial reform bill, could be brought to the Senate floor for a procedural vote tomorrow (July 15) and passage could happen the same day or on Friday, July 15, given the blessings of three Republican senators who signed on to the bill to attain the 60 votes required for passage: Scott Brown, Olympia Snowe, and Susan Collins.
The Dodd-Frank bill is looked upon as the broadest rewrite of the Wall Street rule-book since the Great Depression. The Wall Street Journal states, however, that it “will unleash the biggest wave of new federal financial rule-making in three generations. Whatever else this will do, it will not make lending cheaper or credit more readily available.”
Even Chis Dodd admitted there were serious flaws in his bill, but that it would take too long to change the bill.
Regarding the three Republican senators who supported the bill, once again misguided Republicans have set the stage to prolong the current economic down turn, similar to what happened under Roosevelt with his New Deal Program which only prolonged the Great Depression of the 1930′s.
More than 150 pages are needed just to summarize the bureaucratic ecosystem created by the bill. Estimated is that the law will require no fewer than 243 new formal rule makings by 121 different federal agencies.
The Dodd-Frank bill reflects this “Do-Something” Congress atmosphere with its need to convince the public that “we feel your pain”, even though the proposed cure will eventually be worse than the disease itself.
As in the recently passed health care bill, how many senators have actually read the 2,300 page Dodd-Frank financial bill? Similar to the health care bill, will the American people only begin to learn what lurks inside the Dodd-Frank bill after it has passed?
Is it any wonder why the Tea Party Movement is growing? Its influence will be felt in November.
Here is the link to The Wall Street Journal article of Wednesday, July 14: “The Uncertainty Principle”: http://online.wsj.com/article/SB10001424052748704288204575363162664…
Thanks Nancy. Read the post on Freedompub here.