http://www.citizenvox.org/2009/12/04/which-side-is-congress-on/ Standing Up to Corporate Power Tue, 07 Feb 2012 22:29:06 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.citizenvox.org/2009/12/04/which-side-is-congress-on/#comment-1865 Gary Schlieckert Fri, 11 Dec 2009 13:14:25 +0000 http://citizenvox.org/?p=2638#comment-1865 Barney Frank is incompetent, and always has been incompetent. Now he wants a political appointee to regulate an industry that is a significant cog in the financial competitiveness of the U.S. and through international influence and power is a major reason the dollar has not collapsed during this crisis. Yes, new rules and regulations need to be implemented to prevent predatory, high risk financial instruments. More so, all the rules and regulations need to be enforced, but a new czar is not the answer. We have enough regulators, just failure by them to do their job and failure by the Congress to hold them accountable before a crisis occurs. Yes, we need national usury laws; yes, we need better protection of stockholders from abusive compensation agreements between officers and boards of directors (not just for the financial industry); yes, derivatives and other financial instruments need to be more transparent regarding risk; yes, realtors and mortgage brokers commissions need to be escrowed and disbursed over several years as accountable parties to the mortgage contract; yes, Sen. Gramm is guilty of helping cause the crisis by repealing the Glass–Steagall Act and promoting other deregulation legistaion. But this current Congressional proposal MUST be defeated and a proper approach taken to prevent dangerous and abusive actions by the finacial industry and other industries. Let's not set up the next crisis now of destroying the international financial influence of the dollar. Remember, we import most of our manufactured products and a devalued dollar is inflationary on every citizen. Barney Frank is incompetent, and always has been incompetent. Now he wants a political appointee to regulate an industry that is a significant cog in the financial competitiveness of the U.S. and through international influence and power is a major reason the dollar has not collapsed during this crisis. Yes, new rules and regulations need to be implemented to prevent predatory, high risk financial instruments. More so, all the rules and regulations need to be enforced, but a new czar is not the answer. We have enough regulators, just failure by them to do their job and failure by the Congress to hold them accountable before a crisis occurs. Yes, we need national usury laws; yes, we need better protection of stockholders from abusive compensation agreements between officers and boards of directors (not just for the financial industry); yes, derivatives and other financial instruments need to be more transparent regarding risk; yes, realtors and mortgage brokers commissions need to be escrowed and disbursed over several years as accountable parties to the mortgage contract; yes, Sen. Gramm is guilty of helping cause the crisis by repealing the Glass–Steagall Act and promoting other deregulation legistaion. But this current Congressional proposal MUST be defeated and a proper approach taken to prevent dangerous and abusive actions by the finacial industry and other industries. Let’s not set up the next crisis now of destroying the international financial influence of the dollar. Remember, we import most of our manufactured products and a devalued dollar is inflationary on every citizen.

]]> http://www.citizenvox.org/2009/12/04/which-side-is-congress-on/#comment-1864 Jackie Durkee Tue, 08 Dec 2009 18:20:19 +0000 http://citizenvox.org/?p=2638#comment-1864 I hope Wall Street and the banks win. I'm so tired of the federal government trying to get their hands into everything. If they would just close the Federal Reserve and let a TRUE free market reign, regulation would take care of itself in the form of citizens choosing the best places to spend their money. I hope Wall Street and the banks win. I’m so tired of the federal government trying to get their hands into everything. If they would just close the Federal Reserve and let a TRUE free market reign, regulation would take care of itself in the form of citizens choosing the best places to spend their money.

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