Friday, August 13, 2010

Dodd-Frank Overhaul Bill - #2035 - The Triumph of Crony Capitalism - Part 1 - What is in the Dodd-Frank Financial Overhaul Bill - Seeking Alpha

Until I began to examine the Dodd-Frank financial overhaul bill I had no idea that it would so significantly change the direction of the U.S. It's scope is so vast and pervasive that it is difficult to grasp its totality. I wrote this article to try to explain this and why I believe it is so important for us to understand it. Because of its complexity it was not possible to do this briefly, so I wrote this major "white paper" and divided it into four parts to make it easier to digest. Please stick with me for the next four days; your eyes will be opened.

Part 1 - The new financial overhaul bill is the greatest government takeover of the financial sector of the economy since the National Recovery Act of 1933 when Franklin Roosevelt attempted to introduce central planning in America. More than just a new law, the Dodd-Frank “Wall Street Reform and Consumer Protection Act” (the "Act") gives government a relatively free hand to set prices and wages, to make business decisions, to promote or eliminate businesses, and to break up businesses. It establishes a large new bureaucracy to enable the government to dictate its wishes to the industry.  Read more........

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