If you were worried about financial reform before, now its time to get very worried.
Remember when Nancy Pelosi said that we will not be able to understand Obamacare until it is passed? She was right. Only after it was passed did we learn that everything we were told was a lie. We found out that it would increase the federal deficit, increase the cost of health insurance, fund abortion on demand, force doctors to drop medicare, force rationing and force most people to have to change health care providers all this before implementation of Obamacare has even started.
Now the SCHMOTUS, VP Joe Biden is making statements about financial reform that sound very similar to what Pelosi said about about Obamacare.
On Sunday, Jake Tapper will be interviewing the SCHMOTUS on This Week. One of the subjects Jake brings up is the disconnect between the public’s support for the president and their distaste for his policies. Part of this discussion involved the Wall Street reform bill passed this week.
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“The financial industry spent hundreds of millions of dollars lobbying against this,” the Vice President told Tapper, proud that extensive lobbying efforts did not derail this legislation or the health care reform bill which became law earlier this year. According to the financial industry, Biden said, “this is an awful thing, it’s government regulation.”
Of course the SCHMOTUS doesn’t get it. People don’t object to the bill because it is government regulation, they object because it is stupid government regulation. For example there is no regulation of Fannie Mae and Freddie Mac, the institutions other than Congress most responsible for the housing bubble burst that started the economic downturn and along with the regulation, the government will now have access to most of our personal banking transactions.
The Wall Street reform bill – which among other things creates a consumer financial protection agency, enables the government to dismantle failing firms, and increases transparency in the derivative market – is essentially a reversal of Republican financial policy according to the Vice President. “All it is, is rational control and the turning around of what the Republicans did, which is let Wall Street run wild.”
Although convinced that the financial reform bill will have positive implications for the American public, Vice President Biden cautioned that the general public does not yet know how it will affect them.
“When you say to people, you know, ‘We just went out and had a regulatory reform,’” the vice president said, “where I come from, it’s like, ‘OK, what does that mean? They don’t know what it means yet, understandably.”
(if you cannot see video below please click here)
See what I mean. Just like Pelosi and Obamacare, They don’t know what it means yet. If we don’t know what it means yet, and what we know is already scary we are really in trouble now.