Tuesday, September 21, 2010

Obama Proves US Doesn’t Need A Congress!

Obama Proves US Doesn’t Need A Congress!
Bypasses Congress Again! Appoints New Czar … Sort Of!
A Commentary by J. D. Longstreet

Last week President Obama announced a new addition to his Obama Regime. “He who needs no Senate, no Congress,” announced he had appointed Elizabeth Warren as the new “Consumer Czar” … sort of.

In his continued war on business in the US Obama skipped right over the US Senate… again… and named Warren as the person who would SHAPE the new Bureau of Consumer Financial Protection.

Warren, a Harvard law professor, is said to be an expert on bankruptcy. Business and banks are bristling at this latest move by the Obama Regime to make doing business in America even more difficult. They say Warren will create an agency more aggressive than it ought to be while the GOP says she is already far too critical of business and Wall Street.

Obama preened before the cameras and declared: "Never again will folks be confused or misled by pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans …” Obama continued: “Elizabeth understands what I strongly believe: that a strong, growing economy begins with a strong and thriving middle class, and that means every American has to get a fair shake in their financial dealings."

Ok. Let’s clear some of the smoke away and see what we have here.

The Bureau of Consumer Financial Protection will write and enforce new rules with authority over the largest banks in America right down to the smallest storefront payday lender. Lending institutions will be hit, among other things, with new government rules on the types of mortgages they can handle. In other words more government intrusion into the way business is done in America. Oh, the BCFP is SUPPOSED to protect consumers from those dreaded hidden fees and abusive terms.

Everyone knows Obama intends to appoint Warren as director of the new government agency. By going this route, and bypassing the Senate confirmation hearings, Obama is avoiding what he knows would have been some very tough questioning by the Senators, which just might expose just how little his appointee actually knows about business beyond the theory of textbooks and campus debate. This is not surprising in the least as the Obama Regime is littered with egghead, elite, intellectuals who can theorize all day long on how business and America works, but have no actual experience beyond the confines of a college campus.

So far, the advice of Obama’s Czars has been disastrous for America. As evidence, one has only to consider the condition America’s business community and the entire American financial system finds itself in today.

We suggest the GOP Congress should consider closing and shuttering the Bureau of Consumer Financial Protection immediately upon being sworn in. (If the Bureau is even up and running at that point. Treasury Secretary Geithner has set July 21, 2011, as the deadline for the BCFP to be ready for operations. That should give the Congress ample time to cut-off any funding for the BCFP and effectively shut it down.)

It is interesting to note that for the past two years Warren has been running the Congressional Oversight Panel, which is charged with monitoring the Treasury Department's handling of the $700 billion bank rescue fund known as the Troubled Asset Relief Program (TARP). We ALL know HOW SUCCESSFUL THAT HAS BEEN … RIGHT? As of last Friday she no longer holds that position.

Back in the 1920’s President Calvin Coolidge said: “The business of America … is business.”

Under the auspices of the Obama Regime the American government just grows and grows and grows. It now intrudes into every aspect of every single American’s life and is smothering business, literally, to death. Each year more and more businesses are closing and shuttering their plants and moving them to other countries where the government welcomes them and the jobs they took along with them when they left America. More and more businesses today are reluctant to consider establishing their business, or a branch of their business, in America because the US government is hostile to business.

So long as the Obama Regime is in power, business is under a threat. They know it and so they are “marching in place” waiting and hoping for a change in the attitude the US government has toward business. Until such time as they get some regulatory relief, they are not going to expand, nor hire new employees. Americans can expect the economy to remain essentially flat and the jobless rate to remain high, at least until there are some expansive changes in the Congress and the White House.

Fortunately Americans have a chance to begin those expansive changes this November -- at the polls.

J. D. Longstreet

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