Friday, May 7, 2010

Main Street vs. Wall Street

Main Street vs. Wall Street

Just like Orwell's 1984, the politicians in Washington speak a language that is unintelligible to the common man. The bills are written to be as incomprehensible as possible–remember trying to read though the Obamacare bill?–and the title of the bill has little, if anything, to do with what is in the legislation. The obfuscation is deliberate because the politicians know if they wrote and spoke plainly they'd have more than demonstrations to contend with as a result of their actions and the laws that they pass. As a result we are served by politicians who will say anything or do anything to get elected and they have no compunction about lying. (I wonder what would happen if we made a law that any politician caught lying would be immediately removed from office and could never occupy an elected office again? And not just lying under oath in a legal proceeding but lying to their constituents or to the nation. What an amazing idea! But they'd never pass such and even if they did, we all know President Obama would never sign it. But I digress. Now, where were we?)

The financial reform act is just such a bill. Presented as a bill "to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end 'too big to fail', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes" and entitled the "Restoring American Financial Stability Act of 2010," you would think that from the rhetoric surrounding it that it was aimed at controlling the big players on Wall Street and in the banking industry. Oddly enough, the big players are behind this bill and you won't know why until you delve into it.

One of the things that stands out for me is the dentist. Dental work is not usually covered by insurance and is expensive, although probably not as expensive as it would be if it were covered by insurance. But as a result of the cost many dentists work out payment plans for their patients and so they don't have to use their credit cards and pay extra interest on the dental work. It's usually a monthly payment broken down over a year, sometimes more, and many times they don't charge interest but only a small processing or handling charge. Under the "Restoring American Financial Stability Act of 2010," can you tell me how regulating what the dentists do to help their patients pay for services will help stabilize the mortgage market or Wall Street which were, along with Fannie and Freddie the cause of the problem? I ask because if the "Restoring American Financial Stability Act of 2010" is enacted, dentists that allow patients more than 4 months of payments will have to comply with some pretty serious paperwork that will cause them to drop the patient-friendly plan and require insurance, cash or a credit card. Now does the consumer benefit from this or does the big bank who issues credit cards benefit? I think you can see my point. I guess dentists are in that phrase "and for other purposes" which I would define as ensuring that the cronies of the Regime on Wall Street are able to make more money off you and me. You know, We the People that this bill is supposed to benefit?

And in return those that make money off this bill will be expected to contribute mightily to the campaign coffers of the bill's proponents. (As an aside, which politician received more money from Goldman-Sachs than any other? If you answered BHO then you're correct. Go to the refrigerator and reward yourself with some ice cream.)

Follow the link for more. Then read up on this bill. It's not in our best interests that it pass. It's in the best interests of the politicians.

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