Question: What do we know about Barney Frank’s newly introduced Financial Services Bill that would allow the complete take over of our financial services sector by the federal government, at a time when government already controls approximately 30% of our private industry and appoints a member of ACORN to the financial services oversight committee?
The following article and/or blog post reveals that the Dodd bill and the Obama agenda take the worst of our current financial system and puts it on steroids-You Decide:
Dodd Bill Creates Permanent TARP and You Can Quote That!-Posted on The Heritage Foundation-On March 26, 2010:
These are pertinent excerpts from this article and/or blog post:
“In mid-October 2008, at the height of the Presidential campaign, Heritage Foundation analyst Rea Hederman began receiving emails alerting him that he was a star in a new multimillion-dollar ad campaign for then-candidate Barack Obama. The ads claimed that Hederman believed the middle class would be better off under the Obama tax plan. Nothing could have been further from the truth. In fact, Hederman’s analysis of the Obama tax plan found the exact opposite: that Sen. John McCain’s (R-AZ) tax plan would produce twice as many jobs as then-candidate Obama’s plan and leave middle-class families with, on average, $1,500 more in after-tax disposable income.
Now President Obama’s minions are at again, blatantly misquoting Heritage Foundation analysts in a desperate attempt to make their far left big government agenda appear to be centrist. This time the culprit is Deputy Secretary of the Treasury Neal Wolin, who told a U.S. Chamber of Commerce summit this week:
“On Monday evening, we took an important step towards final enactment of financial reform. The Senate Banking Committee has now voted out a comprehensive bill. Along with the bill passed by the House last December, it represents a strong foundation on which to build a safer financial system. … This should not be a partisan or ideological debate. As David John of the Heritage Foundation has said, “Taxpayers should never again be forced repeatedly to bail out financial services firms like AIG because a company poses a risk to the entire financial system and regulators lack the necessary tools to close the company safely.”
The quote is accurate; The Heritage Foundation does believe that we need financial reform that will ensure taxpayers never again have to bail out Wall Street, but it is 100% false to insinuate that Heritage believes the bill written by Sen. Chris Dodd (D-CT) and passed out of committee this week is the solution to that problem.
Here is, in fact, what John has written about the Dodd bill:
“The Senate Banking bill proposes to create a new $50 billion fund to be used in “emergencies” to close or restructure failing financial institutions or those perceived as being in danger of default. This fund is certain to be used for bailing out any politically significant financial institution and is nothing less than a permanent TARP program. … Despite rhetoric about using bankruptcy for most failures, the draft makes it clear that this is to be handled through a bureaucracy subject to political pressures, since the bill also does not include language adapting the bankruptcy process to the special needs of complex international financial institutions.”
In other words, not only does the Dodd bill not prevent future taxpayer-funded Wall Street bailouts, it virtually guarantees them forever. Just as the original $700 billion TARP fund quickly devolved into President Obama’s personal slush fund, the Dodd bill empowers the Treasury Secretary to take over and liquidate any financial firm at any time, and no one can stop him. The Independent Institute’s Peter Klein adds:
“Perish the thought, but suppose a secretary of the Treasury has a crony who really wants to buy an investment bank on the cheap—and will provide some future quid pro quo. Pick a time when equities are down and you could make a case that a financial company is wobbly. Voila, it gets liquidated in a fire sale.”
And so it is business as usual in the Obama White House. The empowerment of big government, the enrichment of cronies, all justified by phony bi-partisanship and centrist rhetoric. Don’t be fooled. The Dodd bill and the Obama agenda take the worst of our current financial system and puts it on steroids.”
Note: The following article and/or blog post reveals that President Obama, his administration and allies, along with certain members of Congress are purposely overwhelming the U.S. economy to create systemic failure, economic crisis and social chaos—thereby destroying capitalism and our country from within-You Decide:
Obama’s agenda: Overwhelm the system!–Posted on ReviewJournal.com-By Wayne Allyn Root-On June 6, 2010:
These are pertinent excerpts from this article and/or blog post:
“Rahm Emanuel cynically said, “You never want a crisis to go to waste.” It is now becoming clear that the crisis he was referring to is Barack Obama’s presidency.
Obama is no fool. He is not incompetent. To the contrary, he is brilliant. He knows exactly what he’s doing. He is purposely overwhelming the U.S. economy to create systemic failure, economic crisis and social chaos—thereby destroying capitalism and our country from within.
Barack Obama is my college classmate (Columbia University, class of ‘83). As Glenn Beck correctly predicted from day one, Obama is following the plan of Cloward & Piven, two professors at Columbia University. They outlined a plan to socialize America by overwhelming the system with government spending and entitlement demands. Add up the clues below. Taken individually they’re alarming. Taken as a whole, it is a brilliant, Machiavellian game plan to turn the United States into a socialist/Marxist state with a permanent majority that desperately needs government for survival … and can be counted on to always vote for bigger government. Why not? They have no responsibility to pay for it.
- Universal health care. The health care bill had very little to do with health care.Â It had everything to do with unionizing millions of hospital and health care workers, as well as adding 15,000 to 20,000 new IRS agents (who will join government employee unions). Obama doesn’t care that giving free health care to 30 million Americans will add trillions to the national debt. What he does care about is that it cements the dependence of those 30 million voters to Democrats and big government. Who but a socialist revolutionary would pass this reckless spending bill in the middle of a depression?
- Cap and trade. Like health care legislation having nothing to do with health care, cap and trade has nothing to do with global warming. It has everything to do with redistribution of income, government control of the economy and a criminal payoff to Obama’s biggest contributors. Those powerful and wealthy unions and contributors (like GE, which owns NBC, MSNBC and CNBC) can then be counted on to support everything Obama wants. They will kick-back hundreds of millions of dollars in contributions to Obama and the Democratic Party to keep them in power. The bonus is that all the new taxes on Americans with bigger cars, bigger homes and businesses helps Obama “spread the wealth around.”
- Make Puerto Rico a state. Why? Who’s asking for a 51st state? Who’s asking for millions of new welfare recipients and government entitlement addicts in the middle of a depression?Â Certainly not American taxpayers. But this has been Obama’s plan all along. His goal is to add two new Democrat senators, five Democrat congressman and a million loyal Democratic voters who are dependent on big government.
- Legalize 12 million illegal immigrants. Just giving these 12 million potential new citizens free health care alone could overwhelm the system and bankrupt America. But it adds 12 million reliable new Democrat voters who can be counted on to support big government.Â Add another few trillion dollars in welfare, aid to dependent children, food stamps, free medical, education, tax credits for the poor, and eventually Social Security.
- Stimulus and bailouts. Where did all that money go? It went to Democrat contributors, organizations (ACORN), and unions—including billions of dollars to save or create jobs of government employees across the country. It went to save GM and Chrysler so that their employees could keep paying union dues. It went to AIG so that Goldman Sachs could be bailed out (after giving Obama almost $1 million in contributions). A staggering $125 billion went to teachers (thereby protecting their union dues). All those public employees will vote loyally Democrat to protect their bloated salaries and pensions that are bankrupting America. The country goes broke, future generations face a bleak future, but Obama, the Democrat Party, government, and the unions grow more powerful. The ends justify the means.
- Raise taxes on small business owners, high-income earners, and job creators. Put the entire burden on only the top 20 percent of taxpayers, redistribute the income, punish success, and reward those who did nothing to deserve it (except vote for Obama). Reagan wanted to dramatically cut taxes in order to starve the government. Obama wants to dramatically raise taxes to starve his political opposition.
With the acts outlined above, Obama and his regime have created a vast and rapidly expanding constituency of voters dependent on big government; a vast privileged class of public employees who work for big government; and a government dedicated to destroying capitalism and installing themselves as socialist rulers by overwhelming the system.
Add it up and you’ve got the perfect Marxist scheme—all devised by my Columbia University college classmate Barack Obama.”
Wayne Allyn Root was the 2008 Libertarian Party vice presidential nominee and serves on the Libertarian National Committee.
Note: The following article and/or blog post reveals that while President Barack Obama is attacking “fat cat bankers on Wall Street,” left-wing non-governmental organizations (NGOs) see a great opportunity to pass a global tax on financial transactions that could generate at least $700 billion a year from the U.S. and other “rich” countries–You Decide:
The Secret Plan to Pass a Global Tax!-Posted on America’s Survival-By Cliff Kincaid-On December 14, 2009:
These are pertinent excerpts from this article and/or blog post:
“With President Barack Obama attacking “fat cat bankers on Wall Street,” left-wing non-governmental organizations (NGOs) see a great opportunity to pass a global tax on financial transactions that could generate at least $700 billion a year from the U.S. and other “rich” countries. They are expecting Obama’s support.
The banks are a key target because of the “anger” that already exists against them for their roles in the global financial crisis, says a detailed 13-page memorandum from Max Lawson of the foreign aid group Oxfam.
Calling the global Financial Transactions Tax (FTT) “an idea whose time has come,” Lawson says in his memorandum that “politically the time is now” to pass such a tax. “It will take some great campaigning but I think we can do this,” he says in a message introducing the memo.
Lawson explains, “The global anger against the bankers; the huge pressure on rich country budgets; the need for money in 2010 to rescue the MDGs [Millennium Development Goals] and from failure; to protect poor countries from the economic crisis; and the need to come up with money for climate change to unlock a global deal. All combine to make a very strong political backdrop.”
The MDGs were established by the United Nations to make sure that the U.S. and other Western nations devote .7 percent of Gross National Product to official development assistance or foreign aid. As a Senator, Obama had introduced a bill, the Global Poverty Act, to mandate U.S. compliance with the MDGs at an estimated cost of $845 billion.
Lawson, head of development and finance for Oxfam in Britain, has distributed his 13-page memorandum to members of NGOs in the U.S. and other countries. “There is potentially plenty of money here for all of our issues,” he tells them.
The global tax, known as the Tobin Tax and named for the late Yale University economist James Tobin, is being called “the Robin Hood tax,” in order to convince people that it is somehow designed to take money away from rich people in order to help the poor. Another variation on this theme is the claim that the tax is aimed at Wall Street to help Main Street.
In reality, such a tax would affect IRAs, Mutual Funds, and pensions by taxing the exchange of financial transactions. It would hand over great sums of money to politicians in the name of bashing the big banks but ordinary Americans and their life savings would be hurt.
As outlined by Lawson, however, the idea is to create the appearance of public support for the plan, ultimately enabling G8 leaders meeting in Canada in June to agree to the global tax and then get acceptance from the G20 leaders meeting afterward.
At the same time, the U.S. Congress is moving ahead with the “Let Wall Street Pay for the Restoration of Main Street Act of 2009” (HR 4191), a financial transactions tax introduced by Rep. Peter DeFazio (D-Ore.), a leading member of the Congressional Progressive Caucus.
Lawson’s document cites support for the tax from Democratic House Speaker Nancy Pelosi, who endorsed the DeFazio measure during a December 7 news conference and, according to a CNS News report, announced that the bill would have to be made “global” to keep U.S. investors from taking their business overseas and out of taxable reach.
Senator Tom Harkin (D-Iowa) is introducing a similar bill, which has the backing of the AFL-CIO, in the Senate.
An “Open Letter from Economists in Support of Financial Transaction Taxes” has been released and signed by 200 liberal and left-wing economists.
Lawson also cites support for the tax from billionaires George Soros and Warren Buffet and such media organizations and figures as Le Monde, The Mail, The Guardian and Paul Krugman of the New York Times. President Obama “supported [the idea] during his campaign,” Lawson says, but the U.S. Treasury Department under Timothy Geitner has been resisting it. However, Politico reported on December 3 that Pelosi is now pressuring Geitner to accept the global tax proposal. “Geithner was widely seen as opposing such a levy when it was proposed by Gordon Brown, the British prime minister, at a meeting of G-20 finance ministers last month in Scotland,” the publication reported. But after a telephone conversation, “Pelosi told colleagues that the secretary indicated he was more open to some such fee than had been reported,” it added. Some elements of the Lawson plan that are designed to secure passage of the legislation seem modelled on the 1999 “Battle in Seattle,” when 5,000 activists marched against the idea of global free markets, producing confrontations with police trying to keep order on the occasion of a meeting of the World Trade Organization. Lawson suggests “two or three global events” and “days of action” where “activists climb up banks” in order to pressure officials to adopt the global tax.
Joseph E. Stiglitz, a cabinet member in the Clinton Administration, claimed in his book, Globalization and Its Discontents, that the “protests at meetings of global financial leaders in Seattle, Prague, Washington, and Genoa…” had put pressure on the international community for more global action to solve the world’s problems.
Stiglitz is one of several high-profile figures listed in the Lawson memo as supporting a global financial transactions tax.
In Copenhagen, where governments are now meeting on the so-called “climate change” issue, some of the same leftists have been on display, marching in the streets under the banner of “Climate Justice Action” to demand that the U.S. and other Western nations pay “reparations” and an “ecological debt” to the less developed nations. U.N. reports have put this figure at $24-$45 trillion.
On the eve of the Copenhagen summit, French President Nicolas Sarkozy joined with Prime Minister Gordon Brown in issuing a statement calling for a global financial transactions tax and other “innovative financing mechanisms” to assist countries fighting climate change.
Other elements of the Lawson plan seem modelled on “anti-poverty” campaigns such as Live Aid and Comic Relief. Live Aid was a rock music concert held on July 13, 1985, in order to raise funds to fight global poverty, while Comic Relief was designed to use comedy and laughter to alert the public to poverty.
In terms of using celebrities and making a big splash in the media, Lawson cites the case of Richard Curtis, a film director and the “creative energy” behind the Make Poverty History campaign, which urges people to wear a white band around their wrists as a “common symbol of the global fight to end poverty.”
Lawson says Curtis “is very interested in a short campaign” to press for a Financial Transaction Tax and “is working with colleagues in the advertising industry to work up ideas around a set of creative ideas that could be used by campaigns around the world, based on a Robin Hood Tax. His hope is to produce a set of materials that would be useful to all, and give the issue a huge global profile. He is also likely to use his media contacts around the world to ensure high profile for the fight for the tax.”
The global targets are the G8 and G20 groups of nations because the G20 summit in Pittsburgh in September decided that the G20 would replace the G8 as the leading international body for economic matters. As numerous media organizations have observed, the move signaled a major shift in global politics that has seen the authority and power of the U.S in global affairs undermined. President Obama went so far at the G20 meeting to agree to a proposal for an International Monetary Fund study of how a global tax could be implemented.
Oxfam, which is spearheading the campaign to get a global tax implemented, is one member of an international coalition of organizations working “to fight poverty and injustice.” Its American affiliate receives funding from such entities as the Bill & Melinda Gates Foundation and the Rockefeller Foundation.
So-called progressives in the U.S. are now openly pressuring the Obama Administration to go along with the proposal. “We need to make this bill [the DeFazio/Harkin approach] a reality in the United States—and then take it worldwide,” The Progressive magazine proclaims.
Support can also be expected from the New Rules for Global Finance coalition, which runs the gamut from typical liberal-left groups to religious-oriented organizations.
The main problem with the Lawson scenario is that the truth about massive corruption in the foreign aid business is a matter of public record.
The Senate Foreign Relations Committee published a report in 1995 which revealed that the cost of foreign aid provided by the U.S. to the rest of the world since the end of World War II had already reached nearly $2 trillion, with little to show for it in terms of alleviating poverty.
Two excellent books—The Lords of Poverty by Graham Hancock, and The Road to Hell by Michael Maren—exposed massive corruption in the foreign aid business.
The key members of the “New Rules” coalition run the gamut from typical liberal-left groups to religious-oriented organizations. They include New Economy Communications, Oxfam America, International Confederation of Free Trade Unions, G-24 Secretariat, Center of Concern, Financial Policy Forum, World Resources Institute, Missionary Oblates of Mary Immaculate, New America Foundation, Environmental Defense, U.S. Catholic Conference, International Labor Organization, Open Society Institute, Heinrich Boell Foundation, Friedrich Ebert Foundation, National Alliance of Postal and Federal Employees, Interaction, and United Nations Council of Organizations. For more, please visit www.stopglobaltaxes.org”
Note: The above articles and/or blog posts relate to and/or support my following blog posts-You Decide:
The Wall Street Bailout Bill Threatens Our Bottom Line!
Was the Economic Crisis Manufactured?
Who or What Was Behind the Financial Crisis?
Who or what caused the economic crisis that propelled President Obama into office?
Treasury Secretary hired firm to help cover-up stimulus records!
Is the Fed’s concept of buying $600 billion of Treasuries just a smokescreen?
Is George Soros deliberately handicapping American energy?
ACORN-The Community Reinvestment Act (CRA)-Automaker Labor Unions!
What do Obama, Tim Geithner, The Ford Foundation, Fannie Mae/Freddie Mac, China and Muslims have in common?
ACORN Charged With Voter Registration Fraud!
Are the Cracks Beginning to Show in a Radical Agenda Many Believe Was Crafted by the President and ACORN?
Can America Survive Obamanomics and Remain a Capitalist Society?
Obama Bank Crackdown Hits Risk Appetite!
U.S. Racing Toward Debt ‘Shock’
U.S. Debt to Hit $20 Trillion in 10 Years!
The Obama Fiscal Responsibility Farce Continues!
Manipulation Behind Market Plunge!
Is Obama Employing the Cloward-Piven Strategy?
Is it important to understand the Marxist assault on the foundations of our system?
Nearly 80 percent don’t trust the government!
The Russian View of What Has Been Happening In America!
Where Is America Today?
Washington Times Calls for Obama’s Impeachment!
A Nation Adrift Theme and Disclaimer:
“Food For Thought”
“God Bless & Keep Our USA Safe”