Posted on 04/22/2010 7:44:07 PM PDT by Bigtigermike
In the wake of the recent financial meltdown, Americans know that we need reform. Not only have many individuals learned lessons about personal responsibility through this, but we’ve been able to engage in a discussion about government’s appropriate role.
The current debate over financial reform demonstrates what happens when political leaders react to a crisis with a raft of new regulations. First off, the people involved in writing government regulations are often lobbyists from the very industry that the new laws are supposed to regulate, and that’s been the case here. It should surprise no one that financial lobbyists are flocking to DC this week. Of course, the big players who can afford lobbyists work the regulations in their favor, while their smaller competitors are left out in the cold. The result here are regulations that institutionalize the “too big to fail” mentality.
Moreover, the financial reform bill gives regulators the power to pick winners and losers, institutionalizing their ability to decide “which firms to rescue or close, and which creditors to reward and how.” Does anyone doubt that firms with the most lobbyists and the biggest campaign donations will be the ones who get seats in the lifeboat? The president is trying to convince us that he’s taking on the Wall Street “fat cats,” but firms like Goldman Sachs are happy with federal regulation because, as one of their lobbyists recently stated, “We partner with regulators.”
They seem to have a nice relationship with the White House too. Goldman showered nearly a million dollars in campaign contributions on candidate Obama. In fact, J.P. Freire notes that President Obama received about seven times more money from Goldman than President Bush received from Enron. Of course, it’s not just the donations; it’s the revolving door. You’ll find the name Goldman Sachs on many an Obama administration résumé, including Rahm Emanuel’s and Tim Geithner’s chief of staff’s.
We need to be on our guard against such crony capitalism. We fought against distortion of the market in Alaska when we confronted “Big Oil,” or more specifically some of the players in the industry and in political office, who were taking the 49th state for a ride. My administration challenged lax rules that seemed to allow corruption, and we even challenged the largest corporation in the world at the time for not abiding by provisions in contracts it held with the state. When it came time to craft a plan for a natural gas pipeline, we insisted on transparency and a level playing field to insure fair competition. Our reforms helped reduce politicians’ ability to play favorites and helped clean up corruption. We set up stricter oversight offices and ushered through a bi-partisan ethics reform bill. Far from being against necessary reform, I embrace it.
Commonsense conservatives acknowledge the need for financial reform and believe that government can play an appropriate role in leveling the playing field and protecting “the dynamism of American capitalism without neglecting the government’s responsibility to protect the American public.” We’re listening closely to the reform discussion in Washington, and we know that government should not burden the market with unnecessary bureaucracy and distorted incentives, nor make a dangerous “too-big-to-fail” mentality the law of the land.
- Sarah Palin
So....will you hold your breath waiting for that to happen?
Did you need a sarc tag from me?
Goldman is getting away with a lot of things, you’re right.. Like giving Democrats 4.5 MILLION dollars during the 2008 campaign and now actually getting a SWEETHEART deal under this new, so-called “Wallstreet Reform” Bill, where a massive emergency fund is created USING TAXPAYER DOLLARS to ensure ALL OVER AGAIN that no one is “too big to fail”. It’s a SHAM, pure and simple. This Bill also moves the bulk of Wall Street FROM New York TO Chicago.. Hmmm.. Isn’t that where Barack “Hugo Chavez” Obama is from? Oh wait.. THAT’S just a coincidence.
There she goes again, blasting open Obama’s agendas and nailing it.
No wonder the Palin basher’s Never read her daily articles
exposing Obama, his administration, agendas and giving
answers to issues we face. The Palin Bashers don’t care
for the Conservative Republican who can beat Obama in 2012
Sorry.....I was making a joke. I was not being sarcastic.
Hell is coming to Washington in 2013 and it’s name is Sarah!
Their loss. In my view, they’re democrats. The opinionated uninformed.
Sarah “The Uncorruptable”. That has to be one of her best qualities.
I liked how Sarah referenced big oil. It was to let people know she has fought before.
Yes, Sarah’s record with oil indust. also
negotiating with Exxon Mobil and Canada, and the
energy issues in general can’t be matched by the wannabies.
In this case, it was not all Fannie Mae and Freddie Mac. In general, Wall Street is so morally bankrupt and greedy that they saw an opportunity to make obscene amounts of money by basically fanning the flames of people taking out STUPID, STUPID loans.
They didn’t look long-term. They looked at the next quarters P/L sheet and tried to grab as much money as possible without even looking into the future.
It’s the same crap different industry.
because of her unorthodox rise in politics she has not surrounded or had to rely on special interest groups and Big business to get her where she needed to go......She can speak with authority and with no guilt
This is a winning issue from now through 2012, Obama/Goldman Sachs ties makes it clearly a “Good ole boy” corrupt Administration...People don’t like cheaters and backroom deal-making especially when they are out of a job or are going through difficult times!.....FOR SUCH A TIME AS THIS!!! RUN ON THIS SARAH!...............along with everything else, RUN!!
Can't we get back to a relevant topic, like showing her support for McCain again.........the ten thousandth time........
LOL.
I second that.!!!!!!
LOL. And don’t forget Sarah said (somewhere) that she’s for instant legalization of all illegal mexicans.
Like he often does, Rush has led the charge on this one, talking about it since Friday.
I read some where Sarah is against the harvesting of Catuses as well.
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