New Obama-Dodd Bill Makes for Unlimited Wall Street/Bank Bailouts
Posted by iusbvision on April 22, 2010
UPDATE – Goldman Sachs supports New Democrat “Wall Street” Bill. Of course they do. If you didn’t see this coming you must be a registered Democrat. – LINK. Karl Rove explains some of the reasons Goldman Sachs would benefit from the bill HERE.
UPDATE II – Sen. Jim DeMint confirms IUSB Vision analysis of bill:
We talk about crony capitalism and picking winners and losers, this takes it to such a corrupt and foolish extreme that it blows way beyond a mere fracture of the public trust into full blown criminality. See our previous post HERE.
I try to avoid quoting partisan sources, but in this case not only are the GOP critisisms absolutely right, they are in fact understating the damage this kind of legislation can do.
1. Obama-Dodd Bill Creates $50 Billion Permanent Bailout Fund That Senate Democrats Plan To Keep. (Page 277, S. 3217, Restoring American Financial Stability Act Of 2010, Introduced 4/15/10; Carrie Budoff Brown, “Dems Stand By $50B Fund,” Politico, 4/19/10)
2. Obama-Dodd Bill Could Lead To More Taxpayer-Funded Bailouts By Expanding Federal Reserve’s Power To Establish “Policies And Procedures Governing Emergency Lending.” (Page 1365, S. 3217, Restoring American Financial Stability Act Of 2010, Introduced 4/15/10)
3. Obama-Dodd Bill Could Make Taxpayer-Funded Bailouts Even More Expensive By Allowing FDIC To Make “Additional Payments” To Firms That Backed Failed Financial Companies. (Page 245, S. 3217, Restoring American Financial Stability Act Of 2010, Introduced 4/15/10)
4. Obama-Dodd Bill Uses Taxpayer Dollars To Guarantee Debt Of Banks And Bank Holding Companies Through The Power Of The Federal Reserve And FDIC. (Page 1379, S. 3217, Restoring American Financial Stability Act Of 2010, Introduced 4/15/10)
5. Obama-Dodd Bill Could Institutionalize Bailouts By Allowing A New Financial Oversight Council To Determine Which Companies Are “Too Big To Fail.” (Page 35, S. 3217, Restoring American Financial Stability Act Of 2010, Introduced 4/15/10)
6. Federal Trade Commission Fears That Obama-Dodd Bill Could Have “Overall Result” Of “Less Protection For Consumers, And Fewer ‘Cops On The Beat.’” (Federal Trade Commission, Letter To Sen. Hutchison, 4/16/10)