Senate Bill Gives Feds UNPRECEDENTED POWER
What this bill does and doesn’t do:
Doesn’t help to stop future massive bailouts
Doesn’t allow for audit of the Federal Reserve, a private bank that prints our money
Doesn’t even address Fannie and Freddie, government mortgage agencies that are billions in debt
Does give the Feds unprecedented powers to control banks large and small
Does give Feds authority over “toxic” businesses
Does allow for future GLOBAL bailouts (redistribution of the wealth by subsidizing foreign governments)
Watch this IMF shill try to explain to Congressman Ron Paul (R-TX) why this is good…
In 1913, Congress did NOT want to accept the Federal Reserve as the controlling agency of the monetary system. So, the progressives changed the name and it passed in the dead of night, during a holiday break in December, citing that it would forever end the crashes, and dips in the market and save us from recessions and depressions. Typical of progressive dishonestly, if people don’t like the name of a bill, just change it to something that makes it sound good.
Senator Judd Gregg (R-NH) gets it. He states in a press release: “It is regrettable that we have come this far in the legislative process without actually accomplishing the necessary changes to make our financial markets stronger and more sound. In its current form, the Dodd bill will do considerable damage to our competitiveness as a nation, not to mention harming job growth and our economic recovery. I hope that my colleagues will realize the toll that these new regulations stand to take on our economy and make the necessary changes prior to this bill being signed into law.”
Hear Democrats covering up for Franklin Raines and claiming no troubles with Fannie and Freddie despite warnings from others in Congress….