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We're screwed again. Obama and the democratic congress did it again-- created
legislation that is labeled reform, but is so diluted it is worthless
and won't prevent another financial meltdown.
On Monday, the mainstream media will congratulate Harry Reid, Nancy Pelosi, Chris Dodd and Barney Frank and Barack Obama for passing landmark financial reform legislation.
But the real truth of how effective the legislation is was shown by investors, who bid up stocks three percent on friday, celebrating the financial industry's escape from serious regulation. We the people of the US lost.
The Wall Street Journal expects that the legislation will be called the Dodd Frank bill.
Good!! Put their names on the bill. Make it clear who created the better-than-nothing, highly diluted, watered down, full of loopholes legislation. Dodd and Frank are sellouts who betrayed US consumers, betrayed the majority of their own constituents.
I spent at least an hour yesterday, reading article after article in the Wall Street Journal that breathed sighs of relief that the legislation was not as bad as the financial industry feared. The tough reforms-- Volcker, Lincoln-- were all gutted and watered down, with loopholes added.
There's only one conclusion. The bill is another sham reform, a gift to the finance industry, just like the health care reform bill was a gift to insurers, hospitals and big pharma. I assure you that built into this new "reform bill" will be new, expanded protections and extensions of privileges for finance companies. There may be some small changes that could have been passed in a far less extensive bill-- some minor tweaks-- but this bill is no great achievement.
The bill is another chimera of real change, guided by the faux change president, Barack Obama.
We now know that Obama is a staunch defender of big corporations, of lobbyist interests-- not of consumers, not of the people who worked so hard, with such hope and faith to elect him.
Personally, I'm going to do all I can to primary as many of the perpetrators of the Finance and health reform legislation as I can.
I'm going to work to make sure that Obama is a one term president.
We'll be seeing energy legislation soon. We can be certain it will be weak, diluted, watered down, with loads of loopholes.
Legislation for Unions? expect the same trademark Obama/Democratic congress trademark profile-- diluted, watered down, loaded with loopholes.
Improving regulation of Oil drilling? Expect the same.
Obama is a failure as a leader-- his response to the Gulf oil disaster demonstrated this.
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