2010 News

OH My Goodness There Is A Bill About The Economy

So nearly 2 years after the near collapse of the economy there is a bi-partisan bill about this nation’s economy.  This bill being pushed forward by Chris Dodd.  Now this bill has bi-partisan ideas, but Dodd is pushing this bill without a bipartisan support.  He is trying to push this bill through on a time-table that is upsetting key Republicans.  10 key Republicans wrote a letter to Dodd asking him to slow down the time-table, to allow for bi-partisan support.  The Republicans don’t want to look like a friend to Wall Street but they have to look out for their own interests too as well.  This bill will in the short version place a lot of consumer protections in the financial industry, taking power away from Wall Street and putting that power with the Fed.  Now the problem also comes that this bill also wants to allow for government to be able to regulate the salaries of top executive and the ability for companies to buy stock in their own company.  This bill would also give the federal government the right to intercede if they feel as though a company is a drain on the american economy.

Ok now after the financial disaster of earlier this year those sorts of consumer protections seem great.  I’m sorry but banks and  credit card company practices were ridiculous, giving too much credit and these practice do need to be curbed.  But does the government need to step in with an iron hand.  I could see the government wanting to make regulations against these sorts of practices but why oh why would they want to use their iron hand and be able to step in.  I am sorry but I know this may sound cruel but I would rather see 100 small banks fail then the government fully taking over the banking industry.  This to me seems to be the worse of two evils…  The economy is a cycle, it will always recover, eventually if left, somewhat, to its own devises.  It sometimes though needs to be reminded what it’s devices should be.

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