Financial Reform Act – Why Financial Reform Won’t Save Us

by Teeka Tiwari | March 5, 2010 1:41 am

 

The financial reform act Congress is laboring over is laughable. The big selling point being bandied about is that it will prevent banking companies from becoming so large that they pose a threat to the entire system.

However, all this will do is create a legislative moat protecting existing domestic banking oligopolies while reducing competition in our markets for foreign banking behemoths. As I’ve said before, if it doesn’t split commercial and investment banking entities, then it’s useless[1].

But the real thigh-slapper is the proposed consumer-protection division that they want to install within the Fed! That, my friends, is an absolute joke. The Fed couldn’t give one wit about the public.

We Need Protection From the Fed …

The men and women at the Fed are dyed-in-the-wool, ivory-tower academics/big-moneyed-up elitists. In their eyes, we the general public are just ants. They live in a world so disconnected from ours as to defy belief.

These people do not represent our interests in any way, shape or form. They serve the banking industry — period, end of discussion. To think otherwise is to indulge in a dangerous form of naiveté.

… And Our Government

We have been sold out by our leaders at every turn. The money and power that these people wield must have a perverse effect upon them. They truly cannot see the depths of their own corruption.

This must have been how the average Roman citizen felt when that once-great society began to be eaten away by corruption and wanton government spending.

What I’ve always loved about America is the self-correcting nature of our country. We can really go off on a tangent sometimes (think prohibition), but eventually cooler heads prevail and we swing back to the middle ground.

But I don’t see that this time.

Other than some social issues, what’s the difference between the Republicans and the Democrats anymore?

They’ve both shown themselves to be hypocritical wasters of our national wealth. This is the rub of a democracy — as soon as one attempts to be fiscally sensible, the other side commits to financially ruinous policies in an attempt to buy votes for their side.

It’s an awful flaw in the democratic process that virtually guarantees the bankruptcy of a nation. We must have a politically independent check on government spending. Debt ceilings are supposed to be that check, but as we approach them, the politicians just vote in higher debt ceilings!

We need a constitutional amendment to prevent that type of “raiding the cookie jar” mentality that is rampant in Congress.

Now, I’m no pie-in-the-sky idealist — there is no way imaginable that we will see that occur until we face complete economic ruin. No one will put their neck out there to even suggest such a radical step. But if we don’t rein in our out-of-control spending, we are going right down the tubes for an extended period of time.

If You Can’t Join ‘em, Beat ‘em

These political hacks and corporate chieftains do not see the world the way you and I do. They view other human beings as pawns — as tools to be used, lied to and manipulated to further their own personal enrichment.

I’m not telling you anything that you don’t already know, or something that hasn’t existed in one form or another for thousands of years. Those in power have been abusing those beneath them for centuries.

But our leaders are here to govern, not rule. And everyone on down from the Fed, to the Treasury to the House to the Senate seem to have forgotten that.

The power that we have is the power to vote them out. The power that we have is to run in elections against them.

I urge all of our readers who have any political aspirations to seriously think about running for office. Americans are disenfranchised with their leaders, and it has never been a more-opportune time for the average, everyday American to make that leap into the political big-time.

You’ve got to let your voice be heard. From the smallest local council to the grandest Senate chamber, you the people must take our country back from these backroom politicos.

I can tell you this — if we don’t see some real change soon, the Democrats and the Republicans run the risk of seeing us move to a three-party system as Independents start to get the votes they need to consolidate their power into a serious voting block.

That’s the kind of change we need … that’s the kind of check against rampant political power that will help inject a measure of accountability back into our political process.

Our fellow citizens will not sit idly by and watch America slide off the map. As unrealistic as a three-party system sounds, it could become a reality a lot faster than you think.

Tell us what you think here.[2]

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Endnotes:
  1. if it doesn’t split commercial and investment banking entities, then it’s useless: http://www.optionszone.com/market-commentary/market-analysis/2010/02/volcker-rule-why-wall-street-needs-more-financial-regulation.html
  2. Tell us what you think here.: mailto:editor@optionszone.com
  3. Will the U.S. Economy Ever Recover?: http://www.optionszone.com/market-commentary/market-analysis/2010/02/will-the-us-economy-ever-recover.html
  4. Why Wall Street NEEDS ‘Volcker Rule’: http://www.optionszone.com/market-commentary/market-analysis/2010/02/volcker-rule-why-wall-street-needs-more-financial-regulation.html
  5. 5 Sectors to Avoid in 2010: http://www.optionszone.com/market-commentary/sector-reviews/2009/12/sectors-to-avoid-in-2010.html
  6. download your FREE copy here: http://www.optionszone.com/order/?sid=LF3190
  7. : http://www.optionszone.com/order/?sid=SM3134

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