Redpunch's Blog

Economic Chaos

Need a loan? There’s always the Mob…

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I laughed out loud watching the Prez enumerate how Americans are going to benefit from signing the massive, as yet fully-not-read-by any-one-person financial reform into law. Joeseph Goebbels said “if you repeat a lie long enough, the more it becomes truth,” sadly true in this case.

Consumers already benefit from mild yet powerful and long-overdue regulations regarding credit cards that went into effect August 2009(prohibitions on mailing statements too close to the due date, raising rates without prior notice, etc.) Now the big banks will suffer a pesky flea-bite, but the small community banks and member-owned credit unions will suffer more under onerous voluminous bureaucracy.  

Obama thanked chinless Chris Dodd (aka “friend of Angelo” Mozillo of Countrywide) for his “tireless work” on this bill.  Yes, Dodd should be smiling today, since the behemoth bill lets the primary culprits for the real estate collapse off the hook.  Jaw-boning in support of this bill incorrectly pronounced existing  usury and fraud laws “unenforceable.”  

The President also thanked Harry Reid (“Cleanface,” as he is referred to on  an FBI wiretap of Joseph Agosto, Kansas City mob conduit to Las Vegas.) So racqueteers are absolved.  Going forward, the lending business is clear of any legitimate competition–a brilliant if transparent feat!  This is because lenders have no incentive to offer to lend–in fact, are vulnerable to draconian penalties yet undefined, but signed into law anyway.

Combined with the incomprehensible ban on drilling, Obama’s economic policies contract our wealth, make jobs scarce, and benefit oil magnets (yes I said that!)  Forcing banks and miners off our soil, they benefit foreign dynasties, mega-world-financiers, and neighborhood rogues alike, such as:

1. George Soros and off-shore financial entities.

2. Russian oligarchies  (abitrary rule of law.)

3. Brazil’s Petrobas (the Gulf ban keeps SUPPLY of oil lower, resulting in higher oil prices.  George Bush accomplished this by increasing DEMAND for oil by warehousing perishable vast over-supplies of oil reserves.)

4. Loan-sharking  (try to apply for a home loan, you’ll see…)

5. Overpaid DC civil servants.

6. Mega-Banks (opting out of serving poor customers.)

7. Global profits (at the expense of U.S. labor due to increased desperation on the part of Americans looking for work.)


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