"Financial Reform" And America's March to Marxism

by Howard Rich - July 21sst, 2010 - Get Liberty

Contrary to Barack Obama’s rhetoric about protecting consumers, his new financial reform law represents a dangerous big government power grab that willfully ignores the true roots of the recent financial crisis.

It is also the latest example of America’s “march to Marxism,” the not-so-gradual implementation of a command economic system in which the free market is taxed and regulated into oblivion while new and expanded government bureaucracies wield unprecedented power. Like last year’s failed economic stimulus (which was nothing but a bureaucratic bailout) and this year’s health care reform law (the largest entitlement expansion in a generation), Obama’s latest Orwellian scheme is once again being sold to the public as a necessary, even responsible measure.

“Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said. “There will be no more taxpayer-funded bailouts, period.”

Of course as Obama was making this pronouncement, the taxpayer tab for bailing out government-owned mortgage behemoths Fannie Mae and Freddie Mac [intentionally excluded from the bill] continued to soar. That bailout will now cost taxpayers at least $400 billion, according to the latest estimate from the Congressional Budget Office, although a deteriorating housing market could push the total above $1 trillion.

Obama was lying even before he opened his mouth. His penchant for carefully phrased lies is now becoming legendary, even as the blatant hypocrisy of his lies grows by leaps and bounds.