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The financial reform bill currently working its way toward President Barack Obama’s desk for signing is being touted as the biggest overhaul of the banking and investment sectors since the Great Depression. But the new regs won’t be any more effective than the ones they replace in fixing anything or preventing the next major panic for at least three reasons. 1. New Watchdog, Old Tricks They create a new watchdog consumer agency designed to protect consumers from their own supposed stupidity. You’ll now be facing fewer choices when it comes to getting credit cards, loans, and other basic financial transactions. 2. Never Too Big To Fail They replace “Too Big to Fail” with… “Too Big to Fail.” One of the reasons why major financial institutions played Russian Roulette with the economy was because they were betting they would get bailed out. Which is precisely what happened. The new rules codify the idea that the government will make sure certain institutions can never fail. And if you think the big boys won’t game that system, then you don’t understand how well Citigroup, Goldman Sachs, et al have come through the current meltdown. 3. Housing Bubble Trouble The financial crisis was set into motion by government policies that encouraged people to buy homes they couldn’t afford at prices that were unsustainable. Between desperate attempts to keep people in houses and to keep interest rates below an effective rate of zero, the government continues to pour more money down the …
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house.gov campaignforliberty.com Congressman Ron Paul’s opening statement and questioning of Federal Reserve chairman Ben Bernanke at the House Financial Services Committee hearing, March 17, 2010. Dr. Paul attempts to instruct Bernanke in the basics of Austrian Economics.
www.house.gov campaignforliberty.com Congressman Ron Paul questions Jim Carr of the National Community Reinvestment Coalition at the House Financial Services Subcommittee on Domestic Monetary Policy and Technology hearing on July 16, 2009 entitled, “Regulatory Restructuring Safeguarding Consumer Protection and the Role of the Federal Reserve.”
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www.house.gov CampaignForLiberty.com Congressman Ron Paul questions Federal Reserve Governor Elizabeth Duke at the House Financial Services Subcommittee on Domestic Monetary Policy and Technology hearing on July 16, 2009 entitled, “Regulatory Restructuring Safeguarding Consumer Protection and the Role of the Federal Reserve.”
www.house.gov CampaignForLiberty.com Congressman Ron Paul at the Financial Services Committee markup for “Investor Protection Act of 2009 (to be reported as HR 3817)”
Max Keiser talks to Stacy Herbert about China reneging derivatives contracts recorded on September 5th 2009 中国= China 孫子= Sun Tzu . 温家宝got the US by the balls . MADE IN CHINA . on EBAY search for Fiat Paper Money and you’ll find the book of RALPH T. FOSTER facinating reading of his research . G20 finance ministers and central bankers have agreed a series of measures to curb excessive bank bonuses, including spreading payments over a number of years, inserting clawback provisions in …
