The Truth About Economic Recovery and Financial Reform
Details of the Financial Reform Bill Being Debated in the Senate
The stimulus package has been effective as shown via the following facts
The economic progress is shown by the humongous reduction in the loss of jobs during the past year. One year ago, we were losing 750000 jobs per month. Today we are gaining jobs per month.
The home sales are rising and consumer confidence is rising as reflected by the increases in retail sales.
A year ago major financial firms were of the brink of bankruptcy. Today, those major financial firms are stable. Much of the bail out money has been paid back.
Here are the details of the financial reform bill that is now being debated in the Senate.
The financial reform bill would place a fee on financial firms to pay back the rest of the bail out. Taxpayers will not have to pay for the bailout and that debt will be erased.
Most important, the financial reform bill ensures that there will be no more bail outs. It ensures that the taxpayer will not have to pay for the bail out. The taxpayer will never again have to pay for a bail out.
The financial reform bill has incentives to prevent one firm from bringing down the entire economy. It will create new transparency in the financial market that will prevent the abuse that allegedly happened at Goldman Sachs and Lehman brothers. It will give shareholders new power as financial shareholders and more say in corporate elections. Part of that control would affect bonuses.
It would create a method of closing down and liquidating the assets of firms in financial trouble before those firms have disastrous effects on the economy.
It will eliminate the financial weapons of mass destruction that nearly brought about the collapse of our economy.
How many decades would it take the economy to turn around without big government? 2 decades? 3 decades? Remember we are talking about the major global financial firms collapsing. How long would it take for other financial firms to fill the gap? If we try to allow a natural recovery, we would see 25% unemployment because doing nothing would allow the deep recession to become a devastating depression.
Why are people against a financial reform bill that would force the financial firms to pay for the bail out?
Published by John Mario
As a child, I wrote short stories and read them to my friends. I studied interior house wiring in a vocational high school. I majored in electrical engineering in college. I worked for 8 years as an electon... View profile
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4 Comments
Post a CommentAnother well-written piece. People should seriously pick up a copy of Wall Street Journal and read it. Anyone with somewhat functioning brain should be able to see that there have been numerous articles interviewing Mr. Ben Bernanke, who indeed said that the economy has improved, not just for United States, but for the other countries in the world, especially China.
no matter how much you write, if a person hates the current administration all that you write will be totally lost on them unfortunately. I am Canadian but I think Obama is doing the best he can given the cards that were dealt to him when he took office
I love the way you detail information. Its vital that someone does this to offset the numerous negative articles regarding the Obama Administration and their recovery efforts. I think most jump on the bandwagond to beat this president down in an effort to propel their arguments that a republican needs to be in the office versus a democrat in addition to other retarded reasons. Without going too deep into my comments, I just want to say keep up the great work John!
You nailed it.