Wednesday, July 21, 2010

President Signs Financial Overhaul Bill

Here are a few articles that discuss this:

NPR's 'Obama Signs Sweeping Financial Overhaul Into Law'

Huffington Post's 'Barack Obama Signs Sweeping Wall Street Reform Bill'

It is called the Dodd-Frank Wall Street Reform and Consumer Protection Act and, in my opinion, it is just a bad law.

It gives the government the power to put private-sector companies out of business and creates yet another government agency to oversee "consumer financial protection." This agency, by the way, will be overseen by the Federal Reserve. Yeah, that's a trustworthy agency.

The President is quoted as saying:
"Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more taxpayer-funded bailouts."

My question is, if they [taxpayer-funded bailouts] are so bad (and they are), why in the hell did you [President Obama] vote for them in the first place?!?!?

Here is a breakdown of how the vote for this thing went in Congress.

In the Senate, the only Democrat that did not vote for this bill was Russell Feingold (Wisconsin). Only 3 Republicans voted for this bill: Scott Brown (Massachusetts), Olympia Snowe (Maine), and Susan Collins (Maine).

In the House, however, there were no Republican votes and 27 Democrats voted against it.

Obama will probably see this an another crowning achievement in his administration. I see it as just another example of his administration trying to nationalize another industry. So much for capitalism and a free market economy folks.

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