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Friday, July 16, 2010

Financial Reform Bill: More Harm Than Good....

1 comment:

Zotta's Perspective said...

This financial reform bill is nothing more than a power grab. It ultimately will be costly to the American citizen by increased bank fees and difficulty in getting loans. It’s a coercion bill.

The architects of the bill, Barney Frank and Chris Dodd were instrumental in the financial crisis and should be investigated, instead of putting their names on this overreaching piece of legislation. The prime culprits Fannie Mae and Freddie Mac were not included in the financial reform bill. Why? The bill gives government (Obama & Geithner) more POWER over businesses. Government regulators will determine if your business poses a threat to the financial industry and the economy. What will be the determination between a good risk from a bad one? A risk could be not contributing to the Democrat Party. This law could lead to intimidation and coercion, because if the institutions do not cooperate with the Obama administration, they could be put out of business. After all, it is the CHICAGO WAY. It sets up 20 offices of minority and woman to determine who gets loans; Affirmative Action for loans. Then it provides for funding of Community Organizers, like ACORN. It harms farmers because they will have difficulty hedging there fuel and crops. Then there will be additional taxes and fees charged to the citizens. Dodd even said he does not know if it will work. Then why pass such a large bill? Because it is about POWER and CONTROL!
Greg Zotta
Republican Candidate for MO Senate 22