‘Wall Street Reform’ Bill Another Power Grab by Dem Megalomaniacs

Another tyrannical 2000 page edict.

Democrats appear poised to deliver a final bill that largely reflects the administration’s original blueprint unveiled almost precisely a year ago. Although it would not fundamentally alter the shape of Wall Street or break up the nation’s largest firms, the legislation would establish broad new oversight (READ: Dictatorial control) of the financial system.

A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.

That kind of “seizing financial firms” is what got us into this economic clusterfuck. The bailout/takover of Fannie Mae and Freddie Mac, and a portion of the banking industry, are all part of Obama’s ‘financial landscape’.
The Dems caused this banking crisis and they’re punishing Wall Street and the taxpayers for it.
Two of the idiots who had a major role in the financial meltdown—Barney Frank and Christopher Dodd— helped concoct this disastrous banking law. None of the Democrats in the Obama regime have any business being allowed to oversee this country’s financial system.

They are so proud of themselves.

It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

Where have we heard that before? I could have sworn Queen Nancy said that ObamaCare would have to be passed so “they know what’s in it”.

Republican lawmakers who serve on the financial panels blasted the compromise bill. “This legislation is a failure on both counts,” Sen. Judd Gregg (R-N.H.) said in a statement that denounced the compromise as failing to address “shoddy underwriting practices” or problems with Fannie Mae and Freddie Mac. “It will not encourage much-needed stability and confidence in our financial markets. It will not significantly reduce systemic risk in our financial sector.”
http://www.washingtonpost.com/wp-dyn/content/article/2010/06/25/AR2010062500675_pf.html

The bill hasn’t been published yet, (more of that Obama “transparency”), but you can bet there will be all kinds of nasty things buried in those pages.

Still no monitoring of the Freddie Mac/Fannie Mae Frankensteins, and now there’s going to be government control of the flow of money through the lending process. The Socialist State is almost complete.

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