What will Financial Reform Offer - Real Estate and Technology News for Agents, Broker

What will Financial Reform Offer

According to a Bloomberg Poll, four out of five people questioned about the financial reform said they have no confidence in the bill. We sure have heard a lot of promises about what the Financial Reform Bill will do for us, but many say it will do more for Wall Street than it will do for the average person. The president has said that the bill will "end the era of irresponsibility" and Majority Leader Harry Reid said that the bill will clean up Wall Street and "fix the system that caused the recession."

It looks as though the publics not buying it. Goldman Sachs CEO Lloyd Blankfein himself said "the biggest beneficiaries of reform will be Wall Street itself." To recap, the government tells the big lenders to make risky loans, there is a landslide of defaults on loans, the government blames Wall Street and the lending institutions, the government steeps in and takes over lending, gives the failing lending companies billions of dollars, makes us pay for it, and then creates a new Financial Reform Bill that helps Wall Street and the lenders.

To begin with the bill was written by politicians and lobbyists who work for the very same businesses we are supposed to be protected from, and a staff of government employees who have never steeped foot into a privet company in their lives, and who are beholden to special interest groups.

A CNN Money article said the bill will help a perverse structure and will do nothing to prevent another financial collapse because it does not address the perverse incentives that promoted accounting scams in the first place. Thank the maker our government is looking out for us.

Read more from CNN Money and Real Clear Politics

Posted on July 19, 2010 15:17:38 by Blog Author