Yet Another Power Grab

They're trying to bill it as "financial reform," but what the Democrats' financial overhaul amounts to is yet another power grab by the federal government.

According to Senator Chris Dodd (D-Ct), "This is about as important as it gets, because it deals with every single aspect of our lives."  Dodd was also quoted as saying "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."

So let me get this straight: Chris Dodd, one of the architects of our current recession, is pushing a bill giving the US government unconstitutional oversight authority...and he doesn't even know what is in the bill?  Dodd was, after all, in bed with Fannie May and Freddie Mac and was largely responsible for their failure, all the while insisting that Fannie and Freddie were healthy and being properly regulated.  The very idea that Dodd is still has any kind of a hand in regulating the US financial sector is appalling.

This is typical of the Democrats: every crisis is an opportunity to take more and more power away from the American people and put it in the hands of the federal government.  The financial crisis has already led to the takeover of GM and AIG, and it seems that every time a major business starts showing some signs that it's in any kind of trouble, it is immediately demonized by the Democrats, who automatically assume that the federal government has to step in to save them, all the while completely ignoring the role that government interventionism played in their demise.

It's as if the Democrats in Congress, Chris Dodd especially, are completely blind to their part in the current recession.

The very idea that the American people should have this kind of legislation hefted upon us by a buffoon like Chris Dodd is ridiculous, at best.  Dodd is a joke - a lame-duck Senator who finally realized how much of a failure he is, so he decided not to run for re-election.  This, it seems, is his last-gasp effort to cement his legacy as an enemy to the American way of life and to do as much damage to American freedom and the US economy as possible.

What's more, the Democrats are continuing their trend of putting forward legislation that would curtail American freedoms without even knowing what is in the bill.  Dodd's "no one will know until it's in place" quote is eerily reminiscent of Nancy Pelosi saying "we have to pass the bill to find out what's in it" of the health care bill that passed earlier this year...and from the looks of things, this bill could be just has harmful to American freedom as the health care takeover.

In the ultimate irony, if the bill passes, President Obama plans to sign it on Independence Day.

***UPDATE ***

From President Obama, before departing for the G20 Summit:

Now, let me be clear.  Our economic growth and prosperity depend on a strong, robust financial sector, and I will continue to do what I can to foster and support a dynamic private sector. But we've all seen what happens when there’s inadequate oversight and insufficient transparency on Wall Street.

The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we’re still recovering from. 

We’ll put in place the toughest consumer financial protections in our history, while creating an independent agency to enforce them.  Through this agency, we’ll combine under one roof the consumer protection functions that currently are divided among half a dozen different agencies.  Now there will be one agency whose sole job will be to look out for you.

President Obama seems to love creating his so-called "independent agencies,"  especially when those agencies are beholden to and report to him.  The truth is that President Obama has no idea what is in this bill - it is enough for him to know that it will increase his power of the US economy and turn more American freedoms over to his control.

It seems that every time President Obama utters the words "let me be clear," he's getting ready to lie to the nation - he hasn't done anything to "foster and support a dynamic private sector," and this bill won't do anything to help that.