So I read Scott's post on it. His is titled Give the government that much control on the financial sector? BAD IDEA!
I then read the Washington Post article, Obama Announces Sweeping New Market Regulations.
Some of what I have to say about this might mirror what Scott had to say about it but here is what I think.
First of all, anyone that knows me and has read my blog fairly regularly knows that I am not a big fan of the government being involved in anything. Our government over the past few decades has proven to be ineffectual at every turn in everything they have tried to "take over."
In the Post article it says that Obama wants more government involvement in the financial sector. I agree with Scott. Very very very bad idea!!! Do we really want the government, who continually runs a deficit. Who continually spends more than it takes in? Who had made some of the worst financial decisions ever! Do we really want them taking over the financial sector? Heck no!
That would be like handing your investment portfolio over to your crazy brother-in-law that still owes you money from 5 years ago!
Obama blames the financial sector itself for the failure of our economy.
I would not necessarily say that they should not take a little part of the blame but I have to think that the current regulations in place set forth by the government need to take some responsibility for the mess that we are in.
Here is a quote from the Post article that scares me:
"[the administration] would create a new agency to protect consumers of mortgages, credit cards, and other financial products."
Oh boy, here we go. Another government agency?!? Aren't there enough already? Hell, aren't their too many already?
Leave it to Mr. Liberal poster boy himself to be a proponent of MORE government to solve a problem. Crap, there is a problem in our country, let's create more bureaucracy! That'll fix it!
I have new for our President. Well, it's not really news. It's more like Political Science 101 (which I would EXPECT him to already know). MORE government solves..........are you ready for this..............wait for it.............NOTHING!!!!
Government involvement creates more problems than it solves.
So, my thoughts on Obama's Financial Reforms? I'm with you Scott. BAAAAD IDEA!!!
Oh Lord, please let 2012 get here quickly! In Jesus name I pray. Amen.