Further down the Socialist yellow brick road....

President Obama unveiled yet another brick in the path towards the socialism of the United States and the erosion of the free market system. Not only has Obama's gangster government decided that they are better able to plan and implement health care for us, to decide who gets what type of health care, they have decided to go into the Car business and have dictated that we Americans are driving cars that are too big and we should be driving smaller cars like the Europeans and are regulating to make that happen. Obama has decided that some Americans are earning far too much and should be taxed more, how dare they earn so much money, especially the top executives on Wall Street - Obama's puppeteers (the special interest groups) are so annoyed with these capitalists that they have pressed Obama to create yet another Czar (Russian word...appropriate...) to limit...sorry, "determine" exactly how much these Wall Street capitalist pigs should earn. Also, the Socialists, ACLU and NAACP are fed up with having "Whities", rednecks and Oreo's on the Supreme court, they have determined that Obama should have a Racist, sexist judge on the highest court on the land, but one that is Racist and sexist in the "Left" way.

Yes, my friends that path towards "Big Brother", nationalized industries and uber-government tampering in the freedoms and free market systems has been laid, this new brick is the creation of overseeing agency for the Financial industry. Obama may try to sugar coat it, touting it as a "protection" for the consumer against the big, bad capitalists who would dare take advantage of the poor little innocent consumer...instead the government will "help" by limiting choice to make it "easier" for the consumer. Dig deeper and project further into the future and things starrt to look much more sinister...

The proposed Consumer Financial Protection Agency would have broad authority to regulate the relationship between financial companies and consumers of mortgage loans, credit cards, checking accounts and other financial products. It would define standards, police compliance and penalize delinquent firms.

The agency also would have the power to limit or prohibit fees and other practices judged generally harmful to consumers. One example cited are prepayment penalties, or fees designed to discourage people from refinancing before their interest rate increases.

And the agency would have a mandate to increase the availability of financial products in lower-income and under-served communities, in part by enforcing the Community Reinvestment Act, which requires banks to make loans everywhere that they collect deposits.

To carry out these responsibilities, the agency could conduct inspections of firms, putting it on equal footing with regulators charged with ensuring the health of these companies.

The Obama administration also wants to increase the powers of the Federal Reserve. The agency would gain new authority over the largest financial firms, including commercial banks such as J.P. Morgan Chase, investment banks such as Goldman Sachs and insurance companies such as MetLife. It would require those firms to hold greater capital reserves against potential losses, and constrain their ability to make high-risk investments.

The proposal is strongly favored by many of the largest banks, which already are subject to heavy regulation and want the government to impose similar constraints on the operations of their rivals. The administration also will propose a new authority to dismantle these massive firms if they fall into trouble, through a process akin to bankruptcy.

We should be Ok with this, after all two of the most highly respected, honest and guys with with the highest integrity - Barney Frank and Chris Dodd are on the case, the Fed has done such a great job with the finances of the government and with Fannie Mae and Freddie Mac, heck, they can just print more money if they need right? Worked for Zimbabwe right? wait a minute...Oh no!

2010 and 2012 cannot come soon enough...

Author: Mahesh