Hindsight is 20/20 right? Well not in the case of our fearless leaders. Remember what they say about the definition of insanity? Well, here we go again.
Mish - Obama's Blueprint for Reform Concentrates Still More Power in Hands of the Fed - "Obama's plan gives more power to those responsible for creating the mess." and "My Comment: Speed is always important when you are attempting to to set yourself up as prosecutor, judge, and jury. Should anyone actually have the time to dig into the details, the odds are they would find many reasons to not go along."
Mish continues - "President Bush's mad rush to judgment on the Iraq war is a prime example of the essence of speed. Bush desperately wanted to wage war on the idiotic ideas that Iraq had WOMDs and Iraqis they would welcome us with open arms. Bush was wrong on both counts but the war was rushed through because "speed was of the essence". Had Congress taken a few weeks to study the evidence, a needless, stupid war might have been avoided."
Ron Paul - Just watch and you will understand. More regulation has historically been a bad thing and dumping the principles of the free markets and the Constitution is never a good thing.
Credit Writedowns - A more comprehensive look at Obama’s proposed financial reforms - "My initial reaction, therefore, was largely positive. However, upon further reflection, it is clear this is a political document more than a regulatory one. The white paper is a govern by consensus product about which I have grave reservations. There is much to like about the white paper, but also much to question. As a result, I see no need to rush ahead and enact sweeping legislation and reform before the full measure of the financial crisis has been felt and the implications of regulatory lapses is known."
Gerald Celente has this to say:
Market ticker has this Obama's Financial Regulatory Reform. "While this proposal has many good features contained within it, it falls short in important areas. If the Obama Administration is truly interested in financial regulatory reform those "holes" in the proffered document must be closed as the legislative process works its way through Congress." Very well written article!
So here we go rushing into solving another problem without any sort of debate or serious thought process. Bush with the Iraq war, the TARP bill and now this. FNA people. What the hell is going on in Washington? Uber regulation is never a good thing. Our Constitutional rights are being raped right now. YES, WE GOT IT IN THE REAR FROM THE LAST ADMIN AS WELL, BUT wasn't this new leader of HOPE and CHANGE supposed to different? Wasn't his administration supposed to reign in the problems of big government? Alas, another electoral promise is swept under the rug.
I am afraid we all got the snow job of the century in this past election. Bush opened the door and handed off the ball and O is running with it. We are losing control by the day here and no one seems to give a rat's ass about it. Maybe the DEA should look at putting greed and power on the banned substance list. When they come after your guns (which they will), then and only then will you realize it is to late and we are living in a socialist society.
NOTE: My next post will be charts and a forecast. Sorry for the delay.