It is getting so tiring to have our legislative branch offer "law" and "reform" and "Bills" that they have not read and want us to trust. Hey, I have an idea, next election, let's get rid of all of them and vote them out. See Marty's Election Guide to Any Election in America.
Financial Flim Flam
No One Knows
July 2, 2010
Here we are, after three long years, still enduring one of the most serious recessions in American history.
And, as you've heard me say many times, it's an economic disaster we have brought upon ourselves—from ethical failures on the part of Congress, government bureaucr
ats, Wall Street, lenders, and, yes, ordinary citizens who were either too greedy or lacked enough common sense to realize they shouldn't buy homes they can't afford.
And we see the wreckage everywhere: lost jobs, houses, depleted 401(k)s, all up in smoke.
This is the revenge of secularism, the result of a n
ation th athas lost the Christian work ethic—honest work for an honest wage, delayed gr atific ation, avoiding personal debt. It is wh athappens when we abandon biblical principles and engage in reckless behavior.
athave we learned?
Apparently, nothing. Not one thing.
at's the only conclusion I can reach after seeing th atCongress is posed to pass a monstrous, 2,000-page finance reform bill th ata) no one, including your elected leaders, understands, and b) simply ignores one of the chief causes of the economic collapse.
I say no one understands the bill because the bill's sponsor doesn't even seem to know. TheWashington Post reports th
atSen ator Christopher Dodd said, "No one will know until this [the bill] is actually in place how it works."
Are you kidding me?
ator Dodd knows exactly wh atthe billwon't do. And th atis clean house atFannie Mae and Freddie Mac, the very two agencies th atthe Wall Street Journal called, "the toxic twins of the mortgage industry."
As the Journal opines, "By far the most significant error of omission in the bill is the failure to reform Fannie Mae and Freddie Mac, the government sponsored enterprises th
atencouraged the origin ation of risky mortgages in the first place by purchasing them with the support of many in Congress."
at's wh atshould have every American citizen enraged. Fannie and Freddie, which pumped out heaven knows how many bad loans, are left un-reformed by a reform bill passed by our elected leaders, who in turn have received millions of dollars in campaign contributions from Fannie and Freddie.
How cozy. How corrupt. And how utterly unacceptable.
There are other problems with this bill: Does it fix the corrupt system of bond r
ating agencies, who are paid by their clients for favorable r atings? Are the American people protected from never-ending bailouts of failed banks and corpor ations? Well, as Sen ator Dodd would say, "no one knows."
It is grossly irresponsible for the people who brought us this c
atastrophe to pretend they are fixing it—when all they are doing is adding level upon level of bureaucracy, more government, more spending, all without addressing the fundamental problems.
Democracy can't work this way. The elites are counting on the American people to go back to their iPhones and twitter accounts and forget the whole thing. They'll take care of things for us.
Well, I say this is bene
ath the dignity of a free people. If citizens do not express their outrage, then we deserve wh atwe get.
© Copyright Breakpoint Ministry 2010