Tuesday, December 15, 2009

Dylan Radigan: Fraudulent Financial Reform

You tell him (Rep. Perlmutter), Radigan!

So the Obama Administration is selling this "one heck of a piece" as "the biggest and best package since the New Deal"? (So are we in a depression after all, no matter what Obama declared the other day?)

One of the things that particularly irked me was that Congressman Perlmutter tried to spin 0.25% tax on trading transaction as "windfall tax" on government-supported (i.e. ill-gotten) gains by big Wall Street banks. 0.25% tax would apply to every investor, large and small. It would punish small retail investors trying to recoup losses from the market crash that was practically caused by the Federal Reserve (loose monetary policy), Wall Street banks (reckless speculation on easy money), and the government (lack of enforcement of whatever regulations that they actually had, as well as dismantling others). And this Congressman proclaims they have the best package since the New Deal.

Well, the New Deal legislations included one that hired a lot of people to come up with 350 different recipes for cooking spinach. One heck of a legislation indeed.

I would say this is the most monstrous piece of you know what since the Glass-Owen Act, aka the Federal Reserve Act.


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