When the Democrat-controlled congress passed Obama’s Wall Street Reform bill in July of 2010, one of the bill’s authors, Chris Dodd, proclaimed with joyous tears in his eyes that his monstrous 2300 page creation was a, “great moment” and that “no one will know until this is actually in place how it works.” He also declared that, “it will take the next economic crisis, as certainly it will come, to determine whether or not the provisions of this bill will actually provide this generation or the next generation of regulators with the tools necessary to minimize the effects of that crisis.” The bill’s other author was Barney Frank, hence it’s alternative name: The Dodd-Frank Act.
Well, the time has come to reveal just exactly how it is beginning to work. Though the new government regulations won’t fully kick in until 2013, the regulations that are required now are bringing about a significantly increased work load without boosting the economy in such a way that new jobs and the employees to fill them can be added, according to CBN.
In addition, the demands of the regulations are putting a strain on small hometown banks while larger lenders are more easily able to deal with keeping up with all of the rapid changes and increases in the cost of doing business. This of course means that small banks are in jeopardy of being bought out by larger ones.
Interestingly, CBN noted that the Frank-Dodd act is not being ignored by GOP presidential candidates, and they are vowing to repeal it if elected.
Meanwhile, Ron Paul seems to be gaining ground with America’s young adult voters, according to CNN’s Political Ticker. During a rally in New York city on Monday, Paul proclaimed to a crowd of mostly 20-30 year-olds that the Fed needs to be audited and that, “The country is ripe for a true revolution,” as he pronounced Obama’s policies as failed.
Interestingly, Americans who are that age are apparently one of the groups worst affected by the recession in that they are experiencing great difficulty finding work, according to Right Side News. They believed the promises that more education would mean that they would be able to pursue their American dream, but what they are finding is that they can’t even pay their student loans much less move out of their parents home so that they can support themselves and begin the journey of their American dream.
Getting back to the Wall Street reforms, eventually not only will everybody’s favorite payday lenders be affected, but so will anybody using a debit card. Republicans are calling it a “vast federal overreach that will drive financial-sector jobs overseas.”
Back in 2010, The Wall Street Journal outlined some of the destructive aspects of the Wall Street reforms. Some of the more scary things noted are that, “The legislation would redraw how money flows through the U.S. economy, from the way people borrow money to the way banks structure complicated products like derivatives. It could touch every person who has a bank account or who uses a credit card” (emphasis added).
Another deeply concerning thing that the Wall Street Journal mentioned about the Wall Street reforms is that, “It would erect a new consumer-protection regulator within the Federal Reserve, give the government new powers to break up failing companies and assign a council of regulators to monitor risks to the financial system. It would also set up strict new rules on big banks, limiting their risk and increasing the costs.”
Moving right along, the Securities and Exchange Commission will be granted, “new powers to regulate Wall Street and monitor hedge funds, increasing the agency’s access to funding.” Also, there will be new government programs introduced because of the bill, and the way that these programs will be paid for (besides by the tax dollars of American citizens) is that the bill “would allow the government to charge fees to large banks and hedge funds to raise up to $19 million spread over five years.” Guess how the large banks will offset those government fees. They certainly won’t be absorbing them into their own cost of doing business!
Another interesting bit of information about the Wall Street reforms from 2010 was reported by The Hill. It noted that the Wall Street reform legislation was intended to provide “a ‘frame’ for the new regulatory landscape, but the full force of the rewrite hinges on how regulators interpret their new powers in the coming months and years.” It also mentioned “the creation of a new council of federal regulators to oversee broad financial risks; new regulations of the $600 trillion derivatives market; and a new system for the government to wind down failing financial firms.”
The Hill also stated at the time that Obama, “will be nominating an inaugural head of the consumer bureau, which will have broad power to write and enforce rules over home loans, credit cards and other products across the financial system” (emphasis added).
Our country has been moving at a radical rate with regard to nationalizing our monetary system. And nationalizing it must come before internationalizing it. It’s not very far removed from the way that eurozone countries ended up with their failing euro currency. The present state of the economy, and especially the U.S. dollar, is ushering in the development of a One World monetary system at an alarming rate. As the radical liberals push to create a classless society with the redistribution of wealth, they are either ignorant of the fact that such a move has historically created an extreme two class system of haves and have nots (and the majority of people will end up as have nots), or that is exactly what they are racing toward because of the extreme power that the haves would hold. Either way, it is setting the stage for the anti-Christ to come in and take control as Revelation 13 says will occur. Are we ready? All it takes is asking Jesus to be the Lord of our life in a prayer from the heart.