The Inmates are Running the Asylum.
And they have been for a long time. It’s just more obvious now that we’re, to paraphrase Pat Moynahan, defining insanity down.
The real watchword for the Obama Administration should be Unexpected!. In large measure that word really defines the role of the federal government over the last 60 years at least but this particular iteration of idiots has taken us to a new level of just totally rank stupidity.
In times past, when I thought of the title of this post the image that would pop into my head was this…
Well, one absolute accomplishment of Obama’s Ship of Fools is that I now have a new image burned into what’s left of my feeble brain. This post should have contained a NSFW warning because of this image but I couldn’t figure out how to do that, so I apologize peremptorily.
So far this Congress and this Administration has DemonPassed a bill to nationalize one-sixth of the US economy and they did it with a 2,000 page bill that the Speaker of the House told us they “had to pass so we could find out what was in it”. So far a bunch of “stuff” has been discovered and pretty much all of it has been labeled Unexpected!. TheGang™ passed legislation to supposedly stabilize the current iteration of a “housing crisis”. The results on a monthly basis have been labeled Unexpected!. And while we’re on that subject, Congress in the Golden Era of Clinton passed the Community Redevelopment Act, requiring regulated banking entities to loan money to people who previously couldn’t qualify for a loan. One of the Unexpected! consequences of that turkey is our current “housing crisis”. I could go on at length with specifics, but by now even I’m getting bored. Oh heck, lets do one more. Remember “The Stimulus”? And the monthly uptick in the unemployment numbers that was consistently Unexpected!. Yeah, I though so. OK, enough for their “accomplishments”.
TheGang™ just passed – with the help of new Senator Scott Brown – a bill, aptly named for Chris Dodd one of the dumbest guys to ever occupy a Senate Seat, that regulates credit card fees. It’s actually a second iteration of new banking regulation of credit cards. And trust me, they’re not anywhere near done. Why do credit cards need regulation? Well, the real bottom line is that TheGang™ hates the free market. They don’t like the idea that people with crappy credit histories make statistically lousy credit risks. So they feel the need, nay, The Calling, to intervene in their behalf and even things out. Make things “equal”. So, the new exercise in stupidity requires everybody to pay the same interest rate and fees on their cards. We know that much, we’re not sure yet what’s really in the bill because pretty much nobody had time to read this abomination before IT was passed either. So anyway, it looks like lousy credit risks will get a break and good credit risks will get screwed. Oh yeah, and there was a bunch of risk related fees that EvilBanks charged that “weren’t fair” either so those are going away.
So enter the free market, which hasn’t been totally outlawed. Yet. But just wait. From the Washington Times.
Call it the law of unintended consequences.
That’s what many finance experts are saying will be the result of Congress’ latest attempt to micromanage the world of consumer credit through the financial-reform measure President Obama signed into law last week.
Many are predicting that well-meaning provisions to force banks to lower their fees for debit card services will boomerang once again and result in less credit available for consumers — the same phenomenon seen when Congress enacted a law a year ago to rein in credit card fees.
First off, I would argue until hell freezes over about the insertion of the phrase “well-meaning” into that last paragraph. But that’s just the way I am.
In the very next paragraph the author notes that the last attempt of TheGang™ at this windmill reduced the available consumer credit by “…the biggest amount on record and could fall by an additional $2 trillion in the next year…” and so what do they do? They sharpen their lances and make another pass at the windmill. The article goes on to note that banks are taking steps to prop up the profitability of their credit card issuing units in a variety of ways including the elimination of “free checking” and a host of new and as yet unlegislated against fees.
But TheGang™ has a way around those pesky capitalists. Never fear, the Consumer Financial Protection Agency is almost here, and the woman they’ve chosen to run it is on the table for Senate confirmation. [Insert tacky comments about the absence of Senator Kennedy and open faced sandwiches here] If there was ever any doubt about the focus of The Evil Party and their ability and desire to run every aspect of our lives this should absolve you that…
But consumer advocacy groups charge that banks have forced everyone to pay higher prices at stores to cover their exorbitant charges. Now, they are just up to their old “tricks and traps” by trying to shift fees into new areas.
Activists pledge to keep trying to shut down bank profit centers through the powerful new consumer regulator set up under the finance law at the Federal Reserve.
“Congress can’t write laws fast enough to keep up” with the banks, said Travis Plunkett, legislative director of the Consumer Federation of America. “That’s why we need a Consumer Financial Protection Agency” to keep pursuing banks as they invent new schemes, he said.
Highlighting is mine. Go back and read that again. Yep. Don’t ever forget “profit” is evil and is made on the backs of the poor. And never forget that these folks are all about “outcomes”. Legislation has proven a poor way for them to insure the outcomes they desire and that’s why they love both the courts and regulators. They win in those venues and there’s almost no way to ratchet back their desired outcome. See Roe v Wade.
I have a new mantra. Vote Republican, buy ammunition. Not necessarilly in that order. These folks are the absolute enemies of liberty and freedom and they’re willing to do whatever they need to to make sure thier outcomes happen. It’s a lesson we need to take to heart. And act on.