Frank Dodd Act is Dodd Frank Act

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A 2000 page bill that calls for more than 350 regulatory rule-makings, 47 studies, 74 reports will cause major uncertainty, making it harder for business to raise capital, make investments and ultimately create new jobs going to be called either the Frank Dodd Act or the Dodd Frank Act. Source: Tom Donohue, President and CEO, US Chamber of Commerce

What we call this bill is very important, since the bill does nothing to help regulate financial markets. Giving it the proper name is, frankly, more important than making it law. If we could just skip the ‘making it a law’ part, well that would be great.

Frank and Dodd, the financial geniuses behind Freddie and Fannie Mac, didn’t bother to do a cost-benefit study on the effect on end users. If Dodd-Frank passes the Senate, U.S. companies could be forced to put up an additional $1 trillion in collateral to continue using derivatives to reduce their business risk.

It’s not like there was never a discussion on collateral requirements, there was and it was soundly rejected. Congressman Barney Frank and Senator Chris Dodd pulled an all-nighter to finish the bill before an arbitrary political deadline set by the White House. At 5:08 a.m. on Friday, June 25, the bill passed with the added $1 trillion cost to American businesses who have any dealings with derivatives.

The bill, frankly, is a bill of A Trillion Unintended Consequences. The treasurer of FMC Corp, a chemical manufacturer, said his firm will have to put up $1.5 billion in collateral, which means they can’t spend that cash on building plants and hiring workers.

“The Dodd-Frank Act is an Empty Effort at Financial Reform”
Congressman Kenny Marchant (TX-24) issued the following statement after the House passed the “Dodd-Frank Act” (H.R. 4173), which fails to reform Fannie Mae and Freddie Mac and will place more unrestrained power in the hands of irresponsible regulators.

“Today House Democrats chose to ignore the root causes of our financial meltdown and plowed irresponsibly ahead with an empty, politically motivated effort at “reform” that will continue to thwart our economic recovery. I, along with many of my fellow Republicans, am a staunch advocate for meaningful reform. However, this bill offers no such thing. A majority of its 2,300 pages are hollow and superfluous powers, and the rest takes punitive measures against those who had nothing to do with the financial crisis.

“While the risky behavior of those in the subprime mortgage industry infected the lion’s share of our financial sector, the regulators were asleep at the switch. Unfortunately, it is these very same regulators–many of them now top economic officials in the Obama administration–who are the real ‘winners’ in this bill.

“The American people would be well served by subjecting large financial institutions to structured bankruptcy proceedings. Instead, the Dodd-Frank Act institutionalizes ‘too big to fail.’ The American people would be well served by reforming Fannie Mae and Freddie Mac. Instead, we ignore them entirely and give them unlimited access to taxpayer money – a cost that could reach $380 billion. The American people would be well served by instituting an exacting standard for regulators. Instead, we just create more of them. Perhaps most importantly, the American people would be well served by implementing policies that empower businesses large and small to create jobs and spur economic growth. Instead, we penalize community institutions with burdensome changes to capital requirements, penalize large institutions with nearly $6 billion of increased FDIC premiums, and penalize non-financial institutions with limits on their ability to manage risk.

“This bill does not best serve our constituents. While they are demanding Congress to reign in spending, this bill hikes taxes and makes bailouts permanent. As a proponent of limited government, we must force the private sector to pay for their own mess through traditional bankruptcy rather than strap it on the backs of American taxpayers. Despite the vigorous opposition of the bill, Democrats continue to pass partisan legislation and ignore the voice of the American people.”

Where is the media on all of this today? Well if you are the Wall Street Journal, other financial news service, or a blogger, there are plenty of articles.

But if you are with the main stream media, you get no balanced news just one short story on Obama getting his way:

CBS News Reports:

Obama: Financial Reform Deal Has 90 Percent of What I Proposed

‎NBC News:

A search on NBC news on this bill results in no stories.

ABC News:

A search on ABC news on this bill results in no stories

Here are other great stories on the Dodd Frank Act:

Forbes: banks aren’t pleased.

Atlantic: 5 Ways Lobbyists Influenced the Dodd-Frank Bill

Washington Independent: Final Count: FinReg Orders 68 New Studies

Free Enterprise: Financial Regulation Bill Lacks Real Reform

Financial Times: Dodd-Frank bill is no Glass-Steagall

Other interesting read:

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Uncovered Historic Event: United Democrats Fail to Pass Budget

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Harry Reid flashes his Message to all Americans

During an appearance Sunday on ABC’s This Week, Congressman John Boehner said Washington Democrats’ job-killing spending spree has gotten so out of hand that the Democratic-led House will not even pass a budget this year, which would be a first in the modern era.

This is the first time in decades that a single party controlled both houses of congress and the executive branch. This is also the first time since grandpaw was born that there will likely be no budget resolution. So where is ABC? The story was broken by 8th Ohio District House Republican Minority Leader Boehner, yet I see no reporting other than what was said on This Weak, I mean This Week.

Where are the newtorks? Where is the Clinton News Network (CNN)? Where are the white anchors over at  MS-LSD? too busy with figuring out how to get high off the oil fumes? And where is the Can’t Believe Shit (CBS) News? Busy with DRT -Dan Rather Training- on just how make up the news?

I know where they are. The are reporting on just how bad Big ‘BP’ Business really is. Yes, big business killing people will always trump boring stories about taking care of our tax dollars. Never mind that Big, Partisan Government not only is misspending our money, big government has a major fiscal responsibility that it isn’t living up to.

The same money that will be used to fund many things that we the people don’t want funded.

But just how much of what we don’t want is getting funds? How will the government operate without a sound budget? The world may never know. Just like how many licks it takes to get inside of a tootsie pop.

And the Main Stream Media just drives by without a care.

Stupid is what stupid reads.

Bush Lied, Fish Died

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If Bush were president right now, what would be said by the absurd media? The Oil man president would be screwed, glued and tattooed.

Here would be some headlines if Bush were still president:

Bush Lied, Fish Died
(LaTimes) Sacremento, CA – President Bush said that all oil rigs are safe yet, here we are with another Haliburton disaster. “Fish will never be harmed by our oil, right Dick?” said President Bush


Bush waits till after Desert to Visit His Oil Spil
(NYT) New York, NY – He knew about it while he was eating his oil and vinegar salad, but how long did it take to respond? The oil was leaking during appetizers, salad, the main entre and it wasn’t until desert when Bush finally asked about the details of the worst man made disaster in the world.


Bush Knew about Oil Spill in Advance
(Washington Post) Washington DC – Bush knew before there was an explosion. He and Dick Chaney were plotting a way to increase our dependence on foreign oil when they came up with their brilliant plan to blow up the oil rig while blaming North Korea.

On the other hand, the media let the Obama Administration defend their postion over and over and over again. “This was a situation that was treated as a possible catastrophic failure from day one,” Janet Napolitano, homeland security secretary, said 16 times on NBC.

Its all BP’s and Haliburton’s fault, not the president. Now go away, its time for lunch.

Only 1 Side of the Tea Party Story on the TV News

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What do the tv networks ABC, CBS, CNN and NBC all have in common? They all only tell one side of the tea party story. Never has the media been so biased against protesting Americans. Generally the Media covers protests from the protesters point of view. Not when it’s conservatives protesting. Conservatives have never protested before (that I can remember), so the media is in full defensive mode.

According to a recent article by Media Research Center, the networks first attempted to dismiss the Tea Party Movement, that didn’t work. By the fall of 2009, all the networks shifted to disparaging the Tea Party.

Yes, the Media is Biased against Conservatives

Bias against Black Conservatives
They’ve been called Oreos, traitors and Uncle Toms, and are used to having to defend their values. Now black conservatives are really taking heat for their involvement in the mostly white Tea Party movement — and for having the audacity to oppose the policies of the nation’s first black president.  Full Story on Black Americans being treated poorly due to their conservative values: http://www.onenewsnow.com/Politics/Default.aspx?id=963644 Where is the NAACP? The ACLU?

Bias against Women Conservatives
Free Speech isn’t free for Conservative Women. Conservatives are not granted the same Free Speech Rights as Liberals. Why is it that one side can shout down another? Full post: Free Speech isn’t free for Conservative Women Where are teh Women’s Rights groups? Where is Change.org?

Bias Against  All Conservative in The Tea Party Movement on ABC, NBC, CBS and MSNBC
ABC’s Diane Sawyer cast Tea Partiers as out-of-control marauders, “roaming Washington, some of them increasingly emotional, yelling slurs and epithets.”

CBS’s Bob Schieffer also cast a wide net, accusing “demonstrators” of hurling “racial epithets” and “sexual slurs,” and even conjured images of civil-rights era brutality: “One lawmaker said it was like a page out of a time machine.”

NBC’s Brian Williams trumpeted Jimmy Carter’s charge that the Tea Party was motivated by race: “Signs and images at last weekend’s big Tea Party march in Washington and at other recent events have featured racial and other violent themes, and President Carter today said he is extremely worried by it.”

MSNBC’s Keith Olbermann proves that he is a racest by asking the question, Is it a Tea Party or a White People’e Party?

[youtube=http://www.youtube.com/watch?v=hMdPTpOyUk4]

Read the MRC’s Special Report here: TV’s Tea Party Travesty

Thanks Fox for your unbiased reporting on the Tea Party’s!

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