An amendment was introduced in the house today that would give government increased authority to break up large financial firms if they were becoming “too big to fail.” This amendment was introduced to a financial bill in the House Financial services committee. Any firm the government determines to be economically risky, it is not specified what a “risky” business is, would be subject to an onslaught of crippling government restrictions and regulations.
Let me ask a question here because there seems to be a misunderstanding of how a free market economy works.
When in history has the government programs, regulations, or subsidies ever stimulated economic growth? The answer is never. Those who continue to think that government will bring us out of this recession are wrong and will be in for a rude awakening. We were told in the beginning of this year that the stimulus bill would rescue our economy. It has done nothing so far and has not been transparent. They set up a whole scheme in the form of a website to give people the illusion of transparency. States were supposed to report back how many jobs were created or saved and where and how much money it took. When the reports came in this week, it was a joke. The numbers were all over the map, clearly fabricated and many jobs were saved in fictitious districts.
There is absolutely no excuse for such an egregious error as to name a 24th district in Connecticut or something like that. If that does not completely disqualify the integrity of the data that was presented, I don’t know what does. The fact this administration is still standing by the numbers posted on recovery.gov should be an example of how out of touch they are. By the way, What’s the standard they are using to determine whether or not a job was saved?
With all the examples of how the government cannot fix the economy we are still plowing ahead toward some imaginary success that is supposedly going to come out of this. It has become a finger-pointing game with big business on the top of the list, despite the government’s debt being astronomically higher than all profits of big business. Yet businesses are the problem. When exactly does the government become the problem in our lawmaker’s eyes. It’s time for the people to inform them.