Financial Reform Bill is a Merger

By Douglas V. Gibbs

Does it seem strange to you that Goldman Sachs supports the Financial Reform Bill? Why would the investment bankers support it? Barack Obama says the bill is designed to get those "fat cats" of Wall Street under control, to keep them from hurting our economy, and to regulate them to the point that they will never need a bail out again.

Like usual, the Left is lying.

Abraham Lincoln tried to do the same thing, pushing to control the financial system through a centralized, government-controlled banking system and heavy regulations against the financial industry. The New York Times, on March 9, 1863, rejoiced, calling the centralization of power magnificent." However, the move rapidly created hyper-inflation, devalued the dollar to only 35 cents' worth of gold by July 11, 1864, and the prices of goods purchased by northern-state consumers more than doubled between 1860 and 1865. The government, with the propaganda machine in high gear, blamed "speculators" and "foreigners" for the economic difficulties, and the citizens fell for the lie, rather than recognizing the problem was their own government.

Sound familiar?

The Financial Reform Bill is a means of taking control of the financial system by the federal government, thus creating a more centralized, government controlled financial system that uses government intervention and heavy regulations against the industry. The ultimate result will be inflation, a continued devaluation of the dollar, and an increase in prices across the nation.

But the financial industry welcomes the move, because with the government taking control, they never have to worry about going out of business. The financial reform the Democrats are pushing is the ultimate bail out because it is not actually something being used to punish the industry, but is actually a merger. The federal government is adding their own interest into the mess, and is guaranteeing that the financial industry is protected by the taxpayer's money. No more worries about failing, because the government won't let them fail. Power and money for the institutions, and the government, and everyone is happy except for the consumer, who will be blasted by an economic collapse much like Greece's.

Obama has no interest in helping the little guy, which he could do by cutting taxes across the board. He's too busy protecting corporations from failing. This is because Obama has no understanding of financial markets, the free market, or capitalism. It is healthy for an economy when a big corporation who is doing things that is leading to their failure, fails. It removes bad business from the system, and creates a void so that upstarts can quickly fill it, thus creating more jobs as the smaller companies grow in the absence of the failed giant.

What the Democrats are doing has nothing to do with trying to help the economy. It is all about power and money, and the Democrats know damn well what they are doing to secure that power and money for themselves, and the federal government. This is government expansion at its worst, and the result will be more government intrusion into our lives via investments, and eventually through the entire financial system.

First they can control your behavior by taking control of health care. Now they are seizing control of the financial system. Next will be energy through an insane Cap and Trade bill. And finally, your voice will become less effective as they open the flood gates with Amnesty.

This madness must be stopped now!

The GOP better stand firm on this, or else they will be thrown out in November as well!

Be involved! Make a noise! Tell your representative to vote no on the devastating Financial Reform Bill!

-- Political Pistachio Conservative News and Commentary

Blankfein supports financial reform bill - The Hill

Hamilton's Curse by Thomas J. DiLorenzo, page 129