Biggest Financial System Overhaul Since Great Depression Proposed: Smoke & Mirrors?

Posted on March 31, 2008
Filed Under Journalism, commentary |

Look out below: The Bush administration, which brought us the Iraq War, a subprime mortgage/credit crunch meltdown, and…Dick Cheney, is now proposing what is being called the “most sweeping overhaul of the financial regulatory system since the Great Depression,” says the Associated Press.

The 218 page plan should actually be read by every member of Congress before they vote on any part of it. One could only imagine what this administration has dreamed up in an effort to save Wall Street investment firms at the expense of homeowners facing foreclosure.

Treasury Secretary Henry Paulson unveiled the master-plan. Says the A.P. : “the plan would change how the government regulates thousands of businesses from the nation’s biggest banks and investment houses down to the local insurance agent and mortgage broker.”

Does it have teeth?

Already, some who had an advance look at the plan, are saying that while it would expand the overview of federal agencies, it actually would not arm these agencies with all that much power to do anything about any abuses potentially uncovered.

In other words, it may be all smoke and mirrors designed to make it appear as if Washington is doing something when, in fact, Washington is doing nothing!

Does this sound familiar to anyone?

Please read the fine print of this plan…and check for invisible ink,too.

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