Does Obama’s new “reform” legislation address this fundamental problem?(from netrightdaily.com)
Of course not. In fact, in addition to imposing a slew of new regulations on banks that had nothing to do with the crisis, Obama’s new law maintains the same strict government-mandated lending quotas as before. Accordingly, while Main Street lenders (which provide capital to small businesses across America) are forced to navigate a maze of new regulations and restrictions, the real culprits of the disaster are not only going unpunished — they are being allowed to conduct business as usual while receiving a steady stream of taxpayer-funded bailout money.
Obviously, this is a recipe for an even bigger disaster in the future — as is the law’s “proxy access” provision, which will permit labor unions, environmental activists and “community organizing” groups to bypass existing state laws on corporate director elections and place their representatives on corporate boards of directors. And far from ending bailouts for private sector firms (as Obama has promised) the law’s “orderly liquidation” provision permits faceless bureaucrats at the FDIC to seize control of any firm that the agency deems a threat to “financial stability” — opening the door to bailouts of companies that aren’t even asking for taxpayer largesse.
Make no mistake — this new law is a dramatic escalation of America’s “march to Marxism.”
It is also the latest example of legislation that must be repealed — and a governing philosophy that must be reversed — if America is to avoid being relegated to the ash heap of history.
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