“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Tuesday, June 24, 2014

Dodd-Frank continues to harm America

Because Christopher Dodd and Barney Frank were more responsible than any other two people, for the financial and housing collapse in 2008, they scrambled to posture themselves as populist regulators to fix the problem they caused, as they were conveniently leaving office. The disastrous result was the Dodd-Frank regulatory bill that supposed to grant more government oversight into the financial dealings, the purpose of which was to prevent another collapse, but really only inserted the government further into business and commerce, and not in a good way.

This week, the Consumer Financial Protection Bureau used a provision in the Dodd-Frank bill to assert its right to issue cease-and-desist orders against any, ANY business it chooses, for any reason whatsoever. And that business cannot reopen until after the hearing. This is the Obama administration's extension of its own Operation Choke Point by which it intimidated banks into not issuing loans to businesses of which it disapproved, namely gun manufacturers and sellers. Now the CFPB has granted itself the authority to effectively shut down a business on literally any trumped up grounds, with the knowledge that it will go under during the intentionally slow time it takes the federal bureaucracy to grant and conduct a hearing.

The level of self-granted power of this administration is unprecedented and congress is at a crossroads here. They can either allow the first black President usurp congressional powers not granted to the executive branch, or it can do its job and reign in the executive branch by legislation. Honestly, I don't think the congress has the balls to go up against Obama and the American media who carry his water.

Christopher Dodd and Barney Frank......you'll never see two bigger assholes, and DC is full of them.