The news is full of the Securities and Exchange filing fraud charges against Goldman Sachs. The timing, however, is interesting.
According to the article:
The idea of financial regulation is a good one, but there are some problems with this bill. The bill includes a $50 billion bailout slush fund to help any business that is "too big to fail." The money is administered by the Treasury Department--not by Congress. That is unconstitutional (if anyone is paying attention to the Constitution these days). Fannie Mae and Freddie Mac are not included in the financial reform bill--they are not being reformed, despite their role in the mortgage meltdown crisis that began our downward economic spiral.
The current bill is approximately 1,500 pages long. Is Congress capable of writing and passing a law that anyone can read and understand? If not, we need a new Congress.
According to the article:
"Internet surfers who entered "Goldman Sachs SEC" into Google were directed to the president's campaign Web site via a sponsored link titled "Help Change Wall Street."
Meanwhile, the White House is claiming they had no advance knowledge of the lawsuit. The Obama Administration is using the lawsuit as a prop to push its financial regulation legislation."The White House's political arm paid for the keywords -- but would not say how much."
The idea of financial regulation is a good one, but there are some problems with this bill. The bill includes a $50 billion bailout slush fund to help any business that is "too big to fail." The money is administered by the Treasury Department--not by Congress. That is unconstitutional (if anyone is paying attention to the Constitution these days). Fannie Mae and Freddie Mac are not included in the financial reform bill--they are not being reformed, despite their role in the mortgage meltdown crisis that began our downward economic spiral.
The current bill is approximately 1,500 pages long. Is Congress capable of writing and passing a law that anyone can read and understand? If not, we need a new Congress.
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