The,Finance,Bill,and,the,End,C DIY The Finance Bill and the End of Congress
When starting a new work at home business it is very easy to become consumed by it. We spend so much time trying to get the business up and running that we may end up becoming burned out and lose our motivation. There is so much to learn and Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in
On July 16, 2010 President Obama signed the Dodd-Frank finance bill which was not only an assault on economic recovery, but sowed the seeds of the end of Congress as a meaningful check on the power of the Presidency.Jonathan Rauch wrote in his 1994 book Governments End, Economic thinkers have recognized for generations that every person has two ways to become wealthier. One is to produce more; the other is to capture more of what others produce. The 2,000-page Dodd-Frank financial regulation bill looks all set to allow the President, lawyers and lobbyists to enrich themselves at the expense of Americans and their companies, large and small.The Dodd-Frank bill was written by the same two scoundrels who were at the core of the financial collapse of 2008. The bill covers 11 different federal agencies, old and new, and 243 new formal rules. Instead of giving clarity the bill is a 2,000 page memo to federal agencies and regulators addressing subjects ranging from derivatives trading to document retention. It is short on specifics, giving regulators significant discretionary powers. Giving regulators discretionary power is an open invitation for lobbyists and legal challenges and creates great uncertainty. Its not an invitation for business to raise capital and expand.Claims & Reality: The bill supposedly creates an orderly liquidation process where regulators (U.S. Treasury) can seize financial institutions that they believe are in danger of failing and liquidate them. Federal regulators are granted broad powers to seize private companies, and are not subject to judicial review. Such governmental discretion to seize private property is constitutionally troubling to say the least.The legislation establishes a new 10-member Financial Stability Oversight Council composed of regulators that would be responsible for monitoring and addressing system-wide risks to the financial system. This council would also have nearly unlimited powers to draft financial firms into the regulatory system and even force them to sell off or close pieces of themselves.These powers, given to the President through his Treasury, are nearly the same as ushering in the end of congressional oversight. To date the President has been adept at side stepping aside Congress and the Constitution with a combination of czars, recess appointments, and rigged senate procedures so avoid filibusters. Now with just these two bits of the far reaching Dodd-Frank finance bill, the President can orchestrate the end of Congressional oversight and have our Republic become an impotent bystander to his Dictatorship.There are many other aspects of the bill. For example, the false claim to have ended the need for future too big to fail bailouts, not to mention that nothing whatsoever is in the bill to deal with address Fannie Mae and Freddie Mac, two of the largest recipients of federal bailout money. We as American taxpayers are on the hook for some $150 billion in bailout money to these too big to fail companies.But for now we can occupy ourselves with ways to stop the blatant seizure of congressional power. The quickest way is to vote the bums out and rescind this bill along with others signed by The Discatorship.Trade well and follow the trend, not the so called experts
The,Finance,Bill,and,the,End,C