One would assume that CONgress would learn from its mistakes. When they wanted to relax the rules on home lending so that it was more diverse, rather than focusing on who was credit worthy, they ended up with a real estate crash. Now they are considering doing the same thing to financial institutions on a LARGER scale. The latest financial regulation bill (crafted by two Yankees no less) uses the financial crisis as a smokescreen to implement quota based lending and hiring. This time it is not only the financial institutions, it also includes those who contract to do work for them.

They have taken a bad idea and made it worse, MUCH worse. They have expanded the failed policy that led to the housing bust and have applied it to all financial institutions. This means that rather than one segment of the economy failing due to bad laws/policies, they will bring the WHOLE financial system down in the name of diversity.

Such policies reward people based on their gender and ethnicity rather than their credit worthiness. If they wanted the financial sector to succeed, then the regulations would reward those who handle their money responsibly.

Prior the the occupation of Texas and the South, Each state policed its own banking. Each state had its own monies used within those States. The government only wanted to make sure that the banks were financially solid and maintain reasonable business practices. The new regulations are more about the continued “RECONSTRUCTION” of the empire than it is about improving the state of the financial institutions.

Liberty for Texas and the South!

J Murrah

Culture, Dodd Frank financial regulation bill, Economic Independence, quotas in regulation bill, regulation bill

If you enjoyed this post, make sure you subscribe to my RSS feed!