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Chris Dodd’s financial reform bill would limit credit, kill jobs, promote corruption

Senator Chris Dodd (D-CT) is being forced to retire because he allegedly took mini bribes from a mortgage bank. Yet President Barack Obama is working with Dodd to “reform” financial and credit market laws and regulations. 

It’s no surprise, then, that the Dodd bill is as intellectually corrupt as its creator. And it’s no surprise that the bill would add bureaucracies that would force large banks and manufacturers to hire more lobbyists who would pour more money into the campaign fundraisers held by presidential candidates and members of Congress. Big government is corrupt government, and the financial reform bill would make the Federal government even more corrupt than it already is. By “corrupt,” I mean that politicians work for lobbyists and special interests who contribute to their campaigns, not for their constituents and country.

Here are links to some articles that discuss the weaknesses in the financial reform legislation being pushed by Obama and Dodd:

CBO cost estimate, S. 3217, Restoring American Financial Stability Act of 2010. CBO. 26 pp.

CBO confirms you’re on the hook for Wall Street bailout bill. The Heritage Foundation.

Democrats reach deal on tough derivative law. By Ronald D. Orol.

Financial reform’s big unknowns. By Robert J. Samuelson.

Senator Dodd’s Regulation Plan: 14 fatal flaws. By James Gattuso, The Heritage Foundation.

Dodd’s job-killer. By Mark A. Calabria, Cato Institute.

Back to basics on financial reform. By Niall Ferguson & Ted Forstmann. April 23,

The new master of Wall Street. Obama surveys the financial kingdom that may soon be his. Editorial. April 23, 2010.

Crisis and ideology: The Administration’s financial reform legislation. By Peter J. Wallison, American Enterprise Institute for Public Policy Research.

Yes, it’s a bailout bill. By Phillip Swagel. The American, the journal of the American Enterprise Institute.

Do you have any reforms in size XL? Gretchen Morgenson, NYT.

Posted by Donald E. L. Johnson on 04/25/2010 at 03:20 PM

BanksPPCFinancial ReformEthicsStocksBank Stocks

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