Saturday, July 24, 2010

Big week for Demos in Congress

Victory after victory for them. Loss and pain for Americans. They blew another $33 billion hole in the deficit - Obama promised to reduce it - rather than reallocate dollars left from Obama's Porkulus $787 billion stimulus bill. That was for extending unemployment. The Republicans favored extending the benefits, but - shock - wanted to pay for it. Why be restrained by deficits and common sense? And now "too big to fail" is the law. The smaller banks can drop like flies, rather, be gobbled up like flies, but the monsters are protected by federal law. What else is in Chris Dodd's swan song? More favors for friends, relatives and political buddies are being found every day. It's 2200 pages, correctiong, 2300 pages. WSJ
In a recent note to clients the law firm of Davis Polk & Wardwell needed more than 150 pages merely to summarize the bureaucratic ecosystem created by Dodd-Frank. ... the lawyers estimate that the law will require no fewer than 243 new formal rule-makings by 11 different federal agencies.
Third, on the floor of the Senate, Sen. Byron Dorgan let the liberal cat out of the bag. He attacked Republicans for supporting tax cuts that would "reduce this country's income." No longer is national income what businesses and individuals create by hard work. Now it is what the political class takes from us.

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