We have become accustomed to the treasonous actions over the years by Republicans/Conservatives who routinely put the welfare of companies above the needs of the American people. They have bottled and packaged this into two neat bundles this time around, called ‘freedom’ and ‘free markets,’ so their voting base will feel satisfied that the GOP is really on their side. They are masters at wordsmithing and this is the way to reach the low information ‘bumper sticker’ voter who does not want to think past their noses. Ask anyone on their side and they will tell you ‘free markets will solve everything.’ It’s the new/old Republican mantra.
To the Republicans/Conservatives, free market forces will always save the economy, save the country, save the day…this mantra is their Superman, their end all, their cure-all, their payback to big business for all the dollars that are pumped into their election campaigns. The whole thing with this ‘Free Market’ idea is really that big business will ‘get theirs’ before we the American people, get ours. Basically, the free markets will have you working as a freelance whatever you do, or a self-employed whatever you do, amounting to you being paid below minimum wage and with no benefits…as is being done all over the country right now, even with me.
Elizabeth Warren said on MSNBC’s Morning Joe today (Friday Apr 20th), that what she has seen from Scott Brown is ”He votes more times than most for the rich and powerful”… against and instead of the welfare of the American people. That statement can be seen on a broader scope to apply to the majority of Republican members in the house and senate, who more times than not vote for the Corporations and against the American people and the USA and its local and global interests as a whole.
The latest Republican/Conservative attack is now underway. The first salvo was shot across the bow of the US economy by none other that Stuart Varney on ‘Fox and Friends’ today (Friday April 20th). The line he used that is the Trojan torpedo meant to attack the American people is…’Only Congress has the power to Tax.’
Here’s what he is referring to. There is a Dodd-Frank initiative that is due to be put into action sometime around the summer. It is a unit or investigative body that will be formed which will have the broadest of powers we have ever seen in the Banking industry thus far. This unit, which to my knowledge has yet to be named, will be able to go into any bank, at any time and retrieve any information about anyone, any company and any thing that they need retrieved, in order to investigate anything they see fit, to ensure the American people are protected from another financial meltdown like the Republican made recession we are still recovering from.
This investigative body will be under the sole control of the Federal Reserve and will be the ears and eyes of the Reserve and will have no Governmental interference…from whichever party is in power at the time. The cost of this operation will be required to be paid for by the Banks themselves, via paying some sort of fee or maintenance funds to the Federal Reserve.
Here’s the official version…”
Section 111 of the Dodd-Frank Act (12 U.S.C. 5321) established the Financial Stability
Oversight Council. Among the purposes of the Council under section 112 of the Dodd-Frank
Act (12 U.S.C. 5322) are
“(A) to identify risks to the financial stability of the United States that
could arise from the material financial distress or failure, or ongoing activities, of large,
interconnected bank holding companies or nonbank financial companies, or that could arise
outside the financial services marketplace;
(B) to promote market discipline, by eliminating
expectations on the part of shareholders, creditors, and counterparties of such companies that the
Government will shield them from losses in the event of failure; and
(C) to respond to emerging
threats to the stability of the United States financial system.”
In the recent financial crisis, financial distress at certain nonbank financial companies
contributed to a broad seizing up of financial markets and stress at other financial firms. Many
of these nonbank financial companies were not subject to the type of regulation and consolidated
supervision applied to bank holding companies, nor were there effective mechanisms in place to
resolve the largest and most interconnected of these nonbank financial companies without
causing further instability.
To address any potential risks to U.S. financial stability posed by
these companies, the Dodd-Frank Act authorizes the Council to determine that certain nonbank financial companies will be subject to supervision by the Board of Governors and prudential standards. The Board of Governors is responsible for establishing the prudential standards that will be applicable, under section 165 of the Dodd-Frank Act, to nonbank financial companies subject to a Council determination.”
This comes from the main Dodd-Frank act.
Obviously this will have a huge impact on the Banks and the banks’ holding companies…and the banks’ ”nonbank financial companies” (wink wink), basically the whole Financial Sector will be covered. This will be an effective tool to get Wall Street back on the right track…something many in the industry do not want. So their first shot across our bow, was sent by Mr. Stuart Varney to shamelessly plant a seed of doubt in an attempt to block the measure in some way, because obviously the Federal Reserve will be doing the right thing.
I believe this will also affect Global Financial forces so we could expect foreign entities to join the Republican/Conservative interests to fund a secretive campaign to block or water-down the initiative. This could entail the funneling of foreign moneys from the likes of Iran, China and other big players who invest in the US and Global Stock Markets, to the GOP and their Super Pacs to get the job done. The Citizens United ruling is already in place to facilitate this.
Stuart Varney suggests there is something wrong with the fee that banks will be required to pay in order to run the operation, it will effectively be a ‘Tax” on the banks…talk about strangling the baby in the crib. Mr. Varney is definitely trying to stifle this baby before it even has an official name!!
How’s that for the ‘Free Markets’ protecting their own asses!!
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