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  1. #1
    Senior Member
    Join Date
    Apr 2006

    Senate Should Reject Dodd-Frank Financial Bailout

    Senate Should Reject Dodd-Frank Financial Bailout
    by Human Events


    A group of over two dozen prominent conservatives led by former Atty. Gen. Ed Meese and operating under the umbrella of the Conservative Action Project has issued a highly critical analysis of the Dodd-Frank financial bailout legislation, saying it would increase the size and scope of the federal government, regulating every phase of economic activity.

    Here is the case against the measure.

    Rep. Tom Price (R.-Ga.): "As a physician, I fought tirelessly against the Democrats' government takeover of healthcare because it will do irreparable harm to Americans' access to quality, affordable healthcare. Tragically, the Dodd-Frank permanent bailout proposal will deliver a far more formidable blow to American families and main street entrepreneurs. With Dodd-Frank, the Democrats have set out to reorder America's entire economic system and sever ties with the free-market principles that have guided our nation to unprecedented prosperity."

    The financial reform legislation(also known as Dodd-Frank), agreed to by House and Senate Democrats in a conference committee and then passed by the House of Representatives, not only takes away the freedom of a large Wall Street firm to fail, it also takes away Main Street’s freedom to succeed. The legislation would increase the size and scope of the federal government, regulating every phase of economic activity. The legislation would also make permanent taxpayer-funded bailouts of large Wall Street firms. Due to the bill's excessive taxes and government red tape, families and small business owners would no longer have access to low cost credit, and a bureaucrat would stand between them and living the American dream.

    The United States Senate should reject the Dodd-Frank bill because it is a job-killer that will only bail out politically connected firms. Moreover the Senate should insist that any financial regulatory reform legislation address the taxpayer subsidies of Fannie Mae and Freddie Mac.

    Dodd-Frank in Brief:

    Institutionalizes Taxpayer Funded Bailouts

    Dodd-Frank gives politicians and federal regulators the power to continue to bail out politically connected Wall Street firms with taxpayer money rather than allowing failing firms go into bankruptcy. Wall Street bailouts become permanent at the expense of Main Street.

    Fails to Deal with Fannie Mae and Freddie Mac Debacle

    Dodd-Frank continues to finance the bailouts of Fannie Mae and Freddie Mac-despite the central role they played in causing the turmoil that devastated our economy. To date, over $140 billion of taxpayer funds have been spent bailing out Fannie and Freddie. The Congressional Budget Office (CBO) estimates that, in the final analysis, the taxpayers may lose up to $400 billion on the two firms.

    Expands the Size of the Federal Government

    Dodd-Frank increases government by creating numerous new federal offices that would regulate every phase of economic activity in the U.S. and create a maze of new regulations, all funded by consumers. Additionally, the legislation would create a powerful new Office of Financial Research (OFR). The OFR would, by subpoena if necessary, monitor, record and report on any financial transaction, including any consumer transactions that it deems appropriate (and without consent of the consumer).

    Increases Taxes

    Dodd-Frank further stifles economic growth and authorizes federal regulators to impose as much as $1 trillion in additional cost on various financial transactions. As CBO recently noted: "The ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government. The cost of the proposed fee would ultimately be borne to varying degrees by an institution's customers, employees, and investors."
    Rewards Liberal Interest Groups

    Liberal interest groups—from Big Labor to radical animal rights groups—will get new power under "proxy access" to nominate Left-wing directors to corporate boards and shake down public companies at the expense of ordinary shareholders. Saul Alinsky envisioned the "proxy tactic" as a strategy for the Left in "Rules for Radicals."

    Signed by,
    Fred Smith, President, Competitive Enterprise Institute
    Virginia Thomas, President, Liberty Central
    William Wilson, President, Americans for Limited Government
    Wendy Wright, President, Concerned Women for America
    David N. Bossie, President, Citizens United
    Karen Kerrigan, President, Small Business & Entrepreneurship Council
    Colin Hanna, President, Let Freedom Ring
    Becky Norton Dunlop, former Deputy Assistant to President Reagan
    Mario H. Lopez, President, Hispanic Leadership Fund
    Edwin Meese III, former Attorney General
    Duane Parde, President, National Taxpayers Union
    Tony Perkins, President, Family Research Council
    Craig Shirley, Chairman, Citizens for the Republic
    Grover Norquist, President, Americans for Tax Reform
    Gary Aldrich, Chairman, CNP Action, Inc.
    J. Kenneth Blackwell, former Treasurer, State of Ohio
    Jordan Sparks, Executive Director, Young Americans for Freedom
    Andrea Lafferty, Executive Director, Traditional Values Coalition
    Alfred Regnery, Publisher, American Spectator
    James Martin, Chairman, 60 Plus Association
    Herman Cain, President, THE New Voice, Inc.
    Gary Bauer, President, American Values
    Tom Winter, Editor-in-Chief, Human Events
    David McIntosh, former Member of Congress, Indiana
    Curt Levey, Executive Director, Committee for Justice
    Richard Viguerie, Chairman,
    Myron Ebell, President, Freedom Action
    Mathew D. Staver, Founder & Chairman, Liberty Counsel
    T. Kenneth Cribb, former Chief Domestic Advisor to President Reagan
    Rev. Louis Sheldon, Chairman, Traditional Values Coalition
    Marion Edwyn Harrison, Past President, Free Congress Foundation
    John Berlau, Director, Center for Investors & Entrepreneurs, CEI
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  2. #2
    Senior Member Dianne's Avatar
    Join Date
    Aug 2005
    I thought Frank and Dodd were a mere two of the most notorious crooks in the Senate... Dodd so bad, he has to step down from his Senate seat. Why would they entrust walking a duck over an intersection with Chris Dodd; let alone our financial future??

  3. #3
    Join Date
    Aug 2009
    Now can you imagine those two names are on the bill and it got passed...

    There all notorious crooks and work for the corporations not "We the People" and thank you the New Senator from Massachusetts you clearly showed who you work for......


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