Obama And Chris Dodd Lay The GroundWork For More Bailouts

by John Hawkins | April 20, 2010 10:56 am

If Barack Obama came up to you and told you the sun is shining outside, you’d be wise to grab an umbrella because not only does he incessantly lie, as a general rule, whatever he says is:  the:  exact opposite of the truth.

He talks about slashing the deficit, even as he’s spending like no President since FDR. He talks about fixing health care, even as he destroys the best health care system in the world. Well now, he’s talking about sticking it to Wall Street with tough new regulations while he’s cooperating with one of the biggest crooks in Congress, Chris Dodd, to push a permanent 50 billion dollar bailout fund[1]:

“If you liked the bailouts in 2008, you’ll love the Dodd bill,” Sen. David Vitter (R.-La.) tells HUMAN EVENTS. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”

Vitter is right to note that Wall Street supports this measure. Why? Because big investment houses realize they’ll get bailed out and would have less reason to worry about risky behavior.

Sen. Chris Dodd (D.-Conn.) crafted the Senate version of so-called “Financial Reform” with the support of the President. The procedure used to date resembles the non-transparent and secretive tactics used to pass ObamaCare. The Senate Banking Committee marked up the bill in 22 minutes, with no amendments offered and no debate allowed. Now, Senate Majority Leader Harry Reid and President Obama are trying to rush the bill to the floor before the American people have a chance to understand that it contains a hidden, permanent bailout fund.

It’s ironic that conservatives are vilified as being Wall Street lackeys because we believe in free market principles while liberals gave Chrysler to the unions and are still out there pushing bailouts. Yes, George Bush got the TARP program started and he deserves a lot of blame for that, but Barack Obama supported that policy and has since ladled out more taxpayer dollars to American corporations than any other President in history. This bill is just the next step:  of:  a:  big corporate welfare giveaway and unless all the bailout provisions are stripped out of it, no Republican should even consider supporting it.