“This is the toughest financial reform since the ones we created in the aftermath of the Great Depression”-President Obama on the Dodd-Frank Wall Street Reform and Consumer Protection Act. This statement would mean so much more if we had actually passed any laws that didn’t repeal the prior protections that FDR put into place, but we did. So there’s that.
After a few years of hellacious dropping, fiscal irresponsibility and greedy take-overs, the “reign of Wall Street’s thuggery” (Taibbi:RS 1111, 2010) is over…sort of. Well, more like it just sort of got slapped on the hand by our pansy Congress that didn’t have the stones to do what was necessary to fix our broken system.
Since 2007 (when our economy officially shit itself, proverbially speaking of course) we’ve seen bailouts, hand-outs, and now we’ve got the biggest cop-out in decades. The Dodd-Frank really doesn’t do anything, which really annoys those of us who expected (when Obama/Dem. Congress took over) that we’d have tough, decisive individuals who would stand up to corporate bullets and bring the hammer down on the broken banks, and firms that stole 40%* of the world’s wealth in an instant. What we got was a bulldog minority in Congress that has done everything in it’s power to keep the Democrats biting at each other while our President tries every card up his sleeve to do what is necessary. It’s not working, especially when Tea-Baggers fear words “social” and “reform.”
Washington is proving, to me, that it doesn’t have the cojones to do what needs to be done: Fixing the system. Conservatives will keep scampering around trying to convince everyone of the Marxist take-over (not happening…at all.) and Democrats will keep trying to hold the system in place while patching it up. What is actually needed to fix this POS economy is to kill it. Bailouts don’t work, the corporations just sleaze the money into their pockets and wipe their asses with the receipts.
Simply put, I see that the three major ways to fix this economy would be to A: Let the corporations die. Let new businesses take over, and rise but keep the new business at shoulder’s length (no more buddy trips). B: force an embargo on all companies that are shipping jobs out of the United States. You can ship your factory to Mexico if you want. You just can’t sell your product here without expecting a tariff of some 400%. Keep the jobs in the U.S. and you can buy/sell/trade all day long. Finally, promote student growth and expansion by giving more tax-breaks to families who make under $100,000 per year and who have children that are in college. For those of us who are in college, the government should put a cap on tuition and make it so that all in-or-out of state fees are exactly the same and affordable. Also, for those making over $300,000 a year, see a slight increase on taxes of .2% per 10K (I’m sorry, but if you feel bad for those who make a large sum of money are getting taxed more you need to actually think rather than baww).