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Author Topic: A New Financial Collapse? How many years?  (Read 519 times)
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Monkey All Star Jr.
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« on: February 10, 2013, 02:06:40 PM »

"Left-Wing Groups Shape Dodd Frank
Financial regulations pushed by groups with ties to dark money outfits"

Left-wing foundations such as the Rockefeller Family Fund and the Pew Charitable Trusts also attended the meeting. “Consumer advocates,” who push for greater government regulation of virtually every area of the economy, were in attendance, as were representatives of the Service Employees International Union (SEIU) and activist group MoveOn.org.

The possibility that these groups wielded significant influence over the creation and operation of the CFPB has some observers concerned.

“That these anti-capitalist agendas are influencing the CFPB is especially troubling, because the CFPB lacks any form of accountability to American voters through Congress,” John Berlau, senior fellow for finance and access to capital at the Competitive Enterprise Institute, told the Washington Free Beacon in an email.

“Unlike most agencies of its size and scope, the CFPB does not get its funding from Congress,” Berlau said. “It is instead funded by the Federal Reserve, an entity with its own problem of lack of transparency and accountability.”

The Sunlight Foundation, which promotes government transparency, compiled an exhaustive, searchable list of all Dodd-Frank meetings held by major federal regulatory agencies. The meeting with Warren was one of hundreds held in the wake of Dodd-Frank’s passage.

Many of the policies pushed by the groups in these meetings could be economically destructive, said Berlau.

“Many of these groups are pushing expansion of the same policies that got us into the financial crisis: massive government housing subsidies through Fannie and Freddie and mandates that banks make loans to non-creditworthy borrowers,” Berlau said.

“The problem is these agencies are frequently meeting with both big business lobbyists and these proponents of big government, but are not seeking out the viewpoint of the small entrepreneurs who create most of the jobs yet are frequently the ones most victimized by government regulations,” Berlau said.

A recent report by the Florida Chamber of Commerce Foundation found that Dodd-Frank would significantly hike regulatory compliance costs for small and community banks.
  Who's looking out for Main Street?  Small businesses and families?

Who benefits?  Big global corporations and banks?  Foreign workers?  Government employees?

read more here - http://freebeacon.com/left-wing-groups-shape-dodd-frank/

I recall Barney was the one who insisted 2004-2005 that Freddie/Fannie were sound...he helped craft the bill?  More of the same?  How big will the next collapse be?


All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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