June 28, 2010
Silly Little People
A full four years after the subprime mortgage market implosion, Chris and Barney finally got what they wanted: More governmental control over the little guy. What? You thought they were fighting for your rights and protections? Ha ha...silly little people - you just don't understand...
Do you remember the movie Trading Places? It starred Eddie Murphy as a con-man street beggar and Dan Ackroyd as an up-and-coming Wall Street broker. Both were unwitting victims of a scheme perpetrated by two brothers that owned the investment bank in which Ackroyd worked. For a wager of $1, the brothers bet on whether a Murphy's character could, off the street, do the same job Ackroyd did with all his education and experience. Essentially, they played the parts of master puppeteers with their unknowing guinea pigs, ruining lives in the process - all for $1.
That almighty dollar is why Dodd and Frank are doing what they do. It's all about control - of businesses (big AND small), of people's livelihoods, and of the free (what a misnomer that is!) market system. READ MY LIPS - they did not pass the Financial Reform Law to help you (the 'little guy') out. I will say that again if you need me to - they don't give a rat's ass about YOU.
Let's take a snippet from the article I posted on the website today, courtesy of MarketWatch, the Wall Street Journal's online news presence, discussing big banks' intention to pursue profit models internationally, rather than domestically:
"Such moves suggest that new financial regulations will make U.S., consumer-focused banking less attractive as returns won't be high enough to justify the cost of the extra capital required to support such businesses."
Huh - sounds like they're saying all this additional regulation will make it impossible to make a profit here in the good 'ol U.S. of A. Gosh oh gee willikers...who'da thunk it? So FrankenDodd's monster of more regulatory oversight is actually hurting consumers? You bet your tax-strapped backside it is. Wait..you didn't really think...oh, this is awkward...you REALLY thought all this hullabaloo was about YOU? Tsk tsk...silly little people. (wink wink nudge nudge)
OK, kids - get rid of your blinders. YOU have to pay for all these new regulatory agencies, including the Consumer Financial Protection Agency. YOU will have fewer options relating to all things financial, as COMPANIES CAN'T PROFIT from the hangman's noose. YOU will almost assuredly be worse off if you work in the financial services industry, and YOU should be pissed off enough to do something about this fiasco every time an election rolls around.
Have you ever stopped to wonder why the geniuses in D.C. create NEW regulatory agencies instead of FIXING the ones we have? The agencies were in place during the subprime mortgage meltdown - they didn't do their job, so WHY DO WE CONTINUE TO FEED THEM TAXPAYER MONEY? Why aren't they completely shut down and replaced with the "NEW" agencies?
I'll tell you why - because the more agencies we have, the more people we need to staff them. The more people we have sucking on the government teats, the more control our politicians have. The more control our politicians have, well, we don't want to go there. After all, you 'little people' wouldn't understand anyway...
Try to make it a great week!
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