“One day after Congress approved the Health Care bill, the Senate Banking Committee approved massive regulation bill for the financial world” (”Creating a permanent Tarp” by James Gattuso in the Washington Times 3/25/2010)
The bill is sponsored by Senator Dodd, will:
-create new Consumer Financial Protection Bureau located within the Federal Reserve Board bureaucracy
-establishes Financial Stability Oversight Council
-Treasury and other regulators would have the power to seize and liquidate financial firms they think are in trouble.
-creates $50 billion fund to finance these liquidations.
Bigger government and prefunded bailouts will not fix the system. Yet this 1300 page bill cleared Senate committee in 22 minutes.
THE MOST BLOATED BUDGET EVER
By BRIAN M. RIEDL
Click on the link below to access the story.
http://www.nypost.com/p/news/opinion/opedcolumnists/the_most_bloated_budget_ever_LBOG42oSAfo7HbPFf50eWN
Three quotes from the article:
“It’s a good thing President Obama and the Democratic Congress just agreed to raise the federal debt limit by nearly $2 trillion — they’re going to need every penny of it. And fast.”
“Runaway spending is the problem — yet Obama’s budget includes no plan for long-term spending restraint.”
“Ominously, economists close to the White House suggest that a value-added tax (which is like a national sales tax) of 15 percent and 20 percent is eventually possible to finance the president’s spending agenda.”
Mr. Riedl is a writer for Heritage Foundation and in this article he uses facts to refute claims made by the President such as “it’s not my fault” and “I didn’t come here to pass our problems on to the next president or on to the next generation — I’m here to solve them.”