Watering Down Dodd-Frank

In reaction to the news that the  US House of Representatives passed a bill that waters down the Dodd-Frank rules, I post the following quote from a former president.  


 “I am a most unhappy man. I have unwittingly ruined my country. 
A great industrial nation is controlled by its system of credit.
Our system of credit is concentrated. The growth of the nation, therefore,
and all our activities are in the hands of a few men. 
We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. 
No longer a government by free opinion, 
no longer a government by conviction and the vote of the majority,
but a government by the opinion and duress of a small group of dominant men.”
                                                                                 President Woodrow Wilson: 1916

Think about it.  Constraints are good for creativity, right?  
I think some constraints are very good for financial institutions, especially those that have demonstrated that they cannot govern themselves.   

Whose really bankrupting America?

I had just decided not to write about politics anymore when I heard this theory at a holiday party.  At first, I thought the guy had one too many, but after thinking about it, he may have a point. See what you think...

Here's the thought:

1) The federal government is the only entity that can restrain big business
2) The republican party aligns itself with big business

History:

Reagan -- amassed unprecedented debt

Clinton -- worked to make government more effective, left office with a surplus

Bush (W) -- took the surplus and turned it into the largest debt in history,  started two costly wars (a surefire economy drain -- look up what the war in Afghanistan did to the Soviet government)
Tried tax cuts to stimulate the economy, the main effect was to further increase the debt
Meanwhile, Big Money Handlers were running amok, but the government did nothing until the last minute

Obama -- landmark consumer protection regulations, much needed regulations on Wall Street, stimulus package that will help build infrastructure, a start on health care reform that limits some of the bad practices of the insurance industry.  Big business didn't like that.  Poured money into the the 2010 elections.

Now the Republicans have their chance.  They only started to care about the deficit when it wasn't their problem anymore (and it doesn't come into consideration when cutting taxes for the rich, only when extending unemployment benefits). They're looking to undermine the power of the Federal Government. 

If this is true,you can say good bye to consumer protection, clean water and good roads.

Hope it isn't -- I'd rather not go back to the 1890's and the robber barrons.

Let me know what you think...