In another "power grab" by our anti-capitalist Congress and socialist President, the House just passed a bill, without much media fanfare, that could literally impose the heavy hand of Government on all aspects of future business. (Click to See Full Story: "Major makeover of Wall Street rules passes House"). Supposedly intended to prevent problems such as the current Wall Street and Banking mess, this new law would have no boundaries and could include everything from the oil industry to airlines.
At the heart of this law is a newly created Consumer Financial Protection Agency that would have the right to "break up" any company or industry of companies that they feel are detrimental to the nation. On the surface, that may seem a logical concept -- given what we just went through with this recession. But, in actuality, it gives our government the right to pick and choose what industries they may want to "punish". For example, if world oil prices go up and Exxon has to raise their prices at the pump, this new law could allow the government to break them up because high gasoline prices are "hurting" our economy. What about high food prices? Or, airline ticket prices? No aspect of American business would be spared if, in the estimation of our government, they are having a negative effect on the nation.
So, instead of creating a law or laws as a framework for how companies should now operate, Congress has left that up to the whim of this new Agency. When the anti-business Democrats are in charge, our nation's largest businesses will be cowering in fear of being dismantled because some bureaucrat in Washington might not like what they are doing. Once again, this Congress is hell bent on destroying capitalism and the business environment. With this kind of nonsense, we will never see jobs or a booming economy in this nation ever again. This is the kind of legislation that would make Marx, Stalin, Mao, Che, Castro, or Hugo Chavez proud!