It's time now. Not later. Now! Last week the Anointed One announced his plans for financial regulatory reform. The Anointed One is proposing various nuggets of Communist crap like bonus and salary controls, tax increases on the financial system, new bureaucracies, and massive amounts of additional hard regulation. He's pumping us full of his populist bullshit. This is how Communists think. So his brand of reform scares the living shit out of me. But Obama did mention that commercial banks and investment banks should be separated. I can definitely agree with him on that one because there is an inherent conflict of interest between the commercial or lending side and the investment side of banking; however, my solution is waaaaaaaay simpler because I am a smart capitalist and not a Communist like our dipshit for a president. What am I talking about?
....drum roll...Reenact the Glass Steagall Act of 1933.
Reenact it now. Not later. Now!
The Glass Steagall Act was repealed in 1999 via the Gramm-Leach-Bliley Act and signed into law by President Clinton. The consequences have been devastating. The repeal went largely unnoticed by the general public because most people simply do not understand the mechanics and economics of the financial system. This is the primary reason why the system is so corrupt, and we have to rely on our government to keep it real for us. Obviously, our government has fallen flat on its face with shitty regulations, ineffective bureaucracies, and massive corruption. Sadly, both the government and Wall Street have lost the people's trust. But this can be fixed. There is an old saying, "Work smart, not hard." That saying works very well when it comes to government and regulation. And there is no smarter and simpler way to bring honesty back to the financial system than by simply reenacting the Glass Steagall Act. No massive 2,000-page bill loaded with bribes, pork and deception required. No new government bureaucracy necessary. No new taxes; just a simple reenactment of probably the most effective piece of financial legislation in our nation's history.
Here are some links that help explain Glass-Steagall and why it is so important.
youtube Careful with this video as it is heavily biased towards the Republicans. Understand that the Republicans (RINOs in this case) had lots of hands in this one, too. One more.
Obama is talking about raising taxes during a recession and he is also talking down the equity of these banks, hindering their ability to lend. The guy is sofa king retarded! A disingenuous ass. This is why the stock market has been declining since he announced his reform plans and I expect next week will be even worse. We need honesty to return to the financial system and Obama should just stick to the provisions of Glass-Steagall and table all this other crap like higher taxes and even more regulation and senseless bureaucracy. He also needs to turn his attention towards the federal reserve and Freddie & Fannie. That shit is even worse. Tax Freddie & Fannie and leave the rest of us the fuck alone. And the Sarbane-Oxley Act of 2002 should be repealed or significantly reformed as well. But we all know that as long as these loser Baby Boomer 1960s acid trippers are in charge of Congress, meaningful reform will be a long uphill battle.
Note: Senator Cantwell and Senator McCain submitted a proposal to reenact the Glass Steagall Act just last month. Quite honestly, I can't believe my crappy Senator Cantwell is in on this with McCain.
If you agree with me then I urge you to write your congress critters to support the complete reenactment of the Glass-Steagall Act of 1933.
Thank you. Time for a margarita.