Thursday, May 20, 2010

Senate Approves Financial "Reform" Bill by 59-39

Look out below, look out below, Main Street ...

I am firmly convinced now that the word "reform" has changed its meaning in the last year or so. It used to mean, I think, to change something that's not working and create something that will work. But now, it means to keep on doing something that's not working and make that something even bigger and see if that changes anything.

Now the Federal Reserve will have all the power to do whatever it wants to do over just about anything. They can write any regulation so that they can change the very definition of "financial firms" so that they can regulate them at their will.

Just like any bill that has passed under Obama, I bet no one in the Congress even read the entire bill. I am sure they will pass the cap and crap climate bill soon, to be followed by the immigration "reform". Cram down hard and fast. They (Dems) must know they are going to lose so big in November. "We did it (everything) for the good of the country" will be their heroic speech. Uh huh. I guess they've changed the definition of "good", too.

Along with usual defectors from the Republican side (Olympia Snowe et al), the new Senator from Massachusetts Scott Brown voted yes. (So much for his campaign promise of transparency or accountability or small government; to vote for expanding the Fed's power and for a vast, new bureaucracy!)

Not that it mattered. All Harry Reid needed was a simple majority. A bill that will unleash the biggest change since FDR's era, and all it took was a simple majority. And no one read the bill. What a joke.

Big bankers have won. Losers? They are us, the rest.

Senate passes sweeping Wall St. reform (5/20/2010 Politico)


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