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« Reply #1 on: February 18, 2017, 01:37:49 AM » |
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________________________________________ The Patriot Post Digest 2-8-2017 From The Federalist Patriot Free Email Subscription ________________________________________
During George W. Bush’s administration, Republicans repeatedly warned that government-run Fannie Mae and Freddie Mac, the country’s largest mortgage-backers, were extremely overleveraged and at risk of causing a financial catastrophe. Frank dismissed those concerns before the House in 2005, going so far as to say that, even if a housing bubble did exist, he was willing to “roll the dice.”
Dodd and Frank rolled the dice, alright, and tens of millions of Americans paid the price with the near collapse of the American banking system. In October 2008, Bill Clinton admitted some Democrat culpability in the meltdown30, stating, “I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress … to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”
Sadly, Democrats were largely successful in blaming Bush for a failure of their own making, even though none other than The New York Times warned of dire consequences31 as far back as 1999.
The end result of Dodd-Frank was the exact opposite of what its architects claimed. Rather than ending “too big to fail,” it gave the federal government power to take control of financial institutions deemed to be “systemically important,” signaling to investors and financial institutions that they could take greater risks with the tacit guarantee of another taxpayer bailout. The law furthermore created an agency, the Consumer Financial Protection Bureau, with massive powers to interfere in the financial industry, but completely detached from any oversight or control by Congress.
One of the most damaging aspects of Dodd-Frank was that not only did it make the biggest banks even bigger32, but it destroyed thousands of community banks and credit unions, drying up credit lines for small businesses. Without the lifeblood of credit from the community banks that knew them, and unable to get the time of day from the mega-banks, these small businesses withered and died, along with their millions of jobs.
It is high time this law is repealed. As the Cato Institute’s Mark Calabria recently wrote, “We are almost a decade past the last financial crisis. Despite much scurrying around and endless amounts of paper produced, Washington has actually done little to avoid future bailouts and improve the stability of our financial system. Unfortunately, what has been done has come at great economic cost. We can have both a strong economy and a more stable financial system. Reforming Dodd-Frank is a critical step along that path.”
House Financial Services Committee Chairman Jeb Hensarling (R-TX) has already proposed a bill, the Financial CHOICE Act33, which would replace the most damaging provisions of Dodd-Frank.
This will not be an easy fix, though. Dodd-Frank has been law for nearly seven years, with thousands and thousands of pages of regulations birthed from it. Democrats will fight repeal or revision tooth and nail because it takes power away from the federal government, and from some of Democrats' biggest donors. They will use every tactic at their disposal34 to block changes to the law, and will use the media to paint it as Republicans getting in bed with Wall Street to the detriment of the little guy — when, of course, the exact opposite is the case.
Congressional Republicans and Trump should work together, and take a page out of the Democrat playbook by telling the stories of some of the millions of Americans hurt by this atrocious law.
Along with the repeal of ObamaCare and true tax reform, repeal of Dodd-Frank will go a long way toward improving the lives of everyday Americans, jumpstarting the economy, and furthering us on the road to making America great again.
MORE ANALYSIS FROM THE PATRIOT POST
Al-Qaida Isn’t ‘Decimated’; It’s Back35 — While the Islamic State got all the attention, or old nemesis grew. Dakota Access Unshackled36 — The economy is free to flow once again. The Politicized Reality of ‘Settled Science’37 — Whistleblower alleges NOAA manipulated data to support the Left’s climate agenda. A Rare Muslim Voice Condemning Radical Islam5 — Sadly, the movement to reform Islam gains little popular support. We Need Extreme Vetting in the Judicial System, Too38 — Once GOP nominees get confirmed, their gavels go wobbly.
BEST OF RIGHT OPINION
Ben Shapiro: Can the Super Bowl Save America?39 Michelle Malkin: Hillary’s ‘Future Is Female’ Femme-A-Goguery40 Gary S. Smith: Will the Real Donald Trump Please Stand Up?41
For more, visit Right Opinion42.
OPINION IN BRIEF
Ben Shapiro: “I’ve long been an antagonist of the notion that bouncing balls can somehow heal real political divisions. In 2007, I wrote this about the World Cup, saying: ‘Sports solve no great moral dilemmas. Sports are not politics.’ That’s still true. But sports can provide a breath. … Americans seem willing to part from their neighbors because they believe their neighbors are in a heightened state of readiness to bother them. Texans think Californians want to control how they raise their children; Californians think Texans want to dirty their air. Federalism normally provides the distance for both sides to leave each other alone. But our common culture has shrunk that distance. Now you can’t turn on the TV in Dallas without hearing a Los Angeles point of view. The Super Bowl provided that distance. Thanks to President Trump’s election, the Super Bowl organizers clearly recognized — for once — that they’d be best off eschewing politics rather than enabling Beyoncé to dance around in Black Panther gear. Lady Gaga did an apolitical halftime show. The game was great. The politics were relegated to easily debunked commercials. And we all took a breath. Hollywood and pop culture would do well to remind themselves that if they don’t want to alienate half their audience and exacerbate our differences, they can allow us room to breathe.”
SHORT CUTS
Insight: “The great trouble with you Americans is that you are still under the influence of that second-rate — shall I say third-rate? — mind, Karl Marx.” —H. G. Wells (1866-1946)
Demo-gogues: “Nominees to our nation’s highest court must demonstrate that they are mainstream and independent enough to earn the support of at least 60 senators from both parties. Both of President Obama’s nominees to the Supreme Court exceeded that level of support. The simple question we are asking is: Can President Trump’s nominee meet that same test? If the nominee fails to meet 60 votes, the answer isn’t to change the rules; it’s to change the nominee.” —Senate Minority Leader Chuck Schumer
Cooler heads prevailing? “[Judge Gorsuch is] a very caring person and he’s obviously legally very smart. I think we are dealing with someone who is impressive, so we’ll see.” —Sen. Dianne Feinstein
I’m with her: “Despite all the challenges we face, I remain convinced that, yes, the future is female.” —Hillary Clinton
Never let a crisis go to waste: “Winning’s everything. If you don’t win, you can’t make the public policy. I say that because it is hard for people in our party to accept that principle. Sometimes, you’ve just got to win, OK? Our party likes to be right, even if they lose. … I’ve never lost an election. It’s about winning, because if you win you then have the power to go do what has to get done.” —Rahm Emanuel
Alpha Jackass: “Voucher programs will lead to more suicides. Betsy DeVos’s policies will kill children. That is not an exaggeration in any sense. … Strong public schools are the bedrock of a thriving, autonomous middle class. No wonder zealot billionaires want to get rid of them!” —Vanity Fair’s Richard Lawson
And last… “The focus of our education system is the transfer of tax dollars between politicians and unions. Educating children is its waste product.” —Frank Fleming
Semper Vigilans Fortis Paratus et Fidelis Managing Editor Nate Jackson
Join us in daily prayer for our Patriots in uniform — Soldiers, Sailors, Airmen, Marines and Coast Guardsmen — standing in harm’s way in defense of Liberty, and for their families.
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