Our elected officials in Washington have struck again. Just months after passing a tax-raising, job-killing health care bill, Congress is about to approve financial regulatory reform legislation that, ironically, lacks actual reform. Proponents of the Dodd-Frank Wall Street Reform and Consumer Protection Act will undoubtedly hail it as a triumph of Main Street over Wall Street, but they have it backward. It will be small businesses and families shouldering the brunt of this legislation through higher fees, less choice, and fewer opportunities to responsibly access credit.
So what does the Dodd-Frank Act do? For one thing, it calls for more than 350 regulatory rulemakings, 47 studies, 74 reports, and counting. This tsunami of new rules and studies will cause tremendous uncertainty, making it harder for businesses to raise capital, make investments, and create jobs. To put this effort into context, the Sarbanes-Oxley Act required 16 rulemakings and 6 studies--which took more than two years to complete. In the meantime, businesses must contend with a bill of which Sen. Christopher Dodd (D-CT), one of its chief architects, remarked, "No one will know until this is actually in place how it works." If that's not a recipe for confusion, uncertainty, and litigation, I don't know what is!
The complications don't end there. The Chamber believes that you can't have real reform without reforming the regulators. So it comes as a disappointment that the Dodd-Frank Act creates even more regulatory agencies on top of a fundamentally flawed, outdated system, instead of fixing the system itself. These new bodies include the Consumer Financial Protection Bureau, a sprawling new bureaucracy with unchecked and far-reaching powers that could potentially regulate hundreds of thousands of non-financial businesses.
The Dodd-Frank Act will also put American financial firms at a disadvantage by imposing rules and regulations that haven't been or won't be adopted globally. In a world where capital can move easily, it will go to where it is welcome, safe, and can generate a decent return. This new legislation is the equivalent of a "keep out" sign on the front lawn, forcing legitimate business activity to foreign markets that are hungry for additional capital. This will increase the cost of capital here at home, and could further put the squeeze on small businesses.
While the House passage of the Dodd-Frank Act marks a sad day for the U.S. economy, jobs, and the future of our capital markets, the fight is far from over. The Chamber will continue to work vigorously through all available avenues--regulatory, legislative, and legal--to guarantee appropriate implementation of the bill and to ensure that we have the most efficient, transparent, and well-regulated capital markets in the world.
http://www.campaignforliberty.com/materials/HR1207-Shame-List.pdf
Just a thought for my huffer freinds. It may not be totally relevent to the conversation, but it's relevent to our times and our attitudes about the world and the world to be. Mr. o has used this person for quotes many times.
You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away people's initiative and independence.
You cannot help people permanently by doing for them, what they could and should do for themselves.
... Abraham Lincoln
How Conservative does that sound folks?
Quoting Huffposter jackieRSM:
"Lincoln never said any of that.... They are the words of Rev. William J. H. Boetcker in 1916, a Presbyterian clergyman..."
Here is my response to those words:
You cannot help the rich by destroying the poor.
You cannot be strong by preying upon the weak, for the strong are truly strengthened by defending the weak.
You cannot bring about prosperity by discouraging opportunity.
You cannot lift the wage earner up by pulling the wages down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away men's initiative and independence.
You cannot help men permanently by doing for them what they could and should do for themselves but,
you are bound by the principles of character, courage and brotherhood, and begged by cries to human decency, to care for the poor, the weak and the needy...
"The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew and act anew. We must disenthrall ourselves."
Abraham Lincoln
You cannot be strong by preying upon the weak, for the strong are truly strengthened by defending the weak. Agree,what's your point?
You cannot bring about prosperity by discouraging opportunity. Agree,Lower taxes on business is a great idea for expanding start up business. Let's give it a shot, our greatest econmic expansions have been a result of lower taxation, that spurred business expansion. This goes back to the original point that the rich need the ability to help the poor. If no one has any means that's the end of help. Charity is not a government ability as it can not give with out taking. Giving is exemplified by business success giving back. Example Buffet and Gates to name a couple.
You cannot lift the wage earner up by pulling the wages down. The wage earner is only there if there is a job. Our reliance on the labor union model has forced our countries wage scale above competition and has cost millions of jobs out of our nation, a great idea gone way to far.
You cannot further the brotherhood of man by inciting class hatred. Agree,nor by any other prejudical, overgenerlizational ideology. Devisiveness will be our downfall not discussion.
You cannot build character and courage by taking away men's initiative and independence.
or help men permanently by doing for them what they could and should do for themselves
Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king's horses and all the king's men
Couldn't put Humpty together again
But then again are they really trying to put the economy back together again
Small business owners need to wake up, the chamber works to destroy the middle class, and the middle class is where their customers are.