Rush's Morning Update: Freefall
May 5, 2010
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This week, the US Senate will debate and vote on amendments to Chris Dodd's financial reform bill. Like all other legislation Democrats call "reform," it's just another power grab.
But a liberal coalition of Senators-- led by Ted Kaufman, Delaware's unelected replacement for Joe Biden-- say the Dodd bill doesn't go far enough,so they're working on amendments to actually break up the top six American banks. Their targets are: Bank of America, JP Morgan Chase, Goldman Sachs, Wells Fargo, Morgan Stanley, and Citigroup.
In a recent interview, Senator Kaufman complained that these financial institutions are too big to manage and regulate. The Kaufman coalition's proposals would give the banks three or four years to "wind themselves down."
As bad as the Dodd bill is without amendments, this push from Senate liberals is so bad it has even taken the White House by surprise,according to AP. Obama economic advisor Larry Summers says that breaking up the banks would hurt American competitiveness, as well as banks' ability to service large companies. Because individual banks would be less diversified, a breakup would also increase bank failures,but none of these arguments resonate with Senate liberals --they don't care.
Today, every business sector is,in one way or another,under assault by a government that's no longer interested in protecting their rights or protecting our economy,but instead is fully committed to their destruction. With Democrats in charge, America is no longer headed toward a "slippery slope" --we're in freefall.