Political Critic Archives - April 2010

 

Archives - April 2010

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Wednesday, April 28, 2010 - 9:45pm

Despite Uproar, Arizona Voters Support Law

Arizona's new immigration law may outrage some folks in the country, but it's fully supported by the people in the state.  A new poll by Rasmussens shows that 64% of Arizona voters back the controversial law.  Only 30% of the public opposed the law signed today by Governor Jan Brewer.

Supporters of this measure argue that it will relieve the enormous cost burden associated with illegal immigration.  Critics argue that it's an unconstitional law that will lead to racial profiling.

Personally, I don't see any problem with law enforcement officials asking for identification if they have a reasonable suspicion that a person is not an American citizen.  Of course, "reasonable suspicion" is open to interpretation by the police, but we must see how the law is implemented first.

The bottom line is that something must be done to stop the flow of illegals into border states such as Arizona. Hospitals and schools are completely overrun, crime has skyrocketed, unemployment is soaring, and taxes are increasing.  All of this can be attributed to the hundreds of thousands of illegal immigrants who drain all the resources in Arizona, but pay none of the taxes.

The critics of this law are the first to scream bloody murder, but the last to actually do something about the problem of illegal immigration.  President Barack Obama is case in point.  The Governor of Arizona has pleaded with the President for months to help solve the problem, but he has ignored her repeated requests.  When she finally decided to take matters into her own hands, he was the first to protest.

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Wednesday, April 21, 2010 - 9:40pm

Dodd's Reform Bill

As Chairman of the Senate Committee on Banking, you would think Senator Christopher Dodd has extensive experience in the area of financial services.  After all, his committee has jurisdiction over matters of banking, deposit insurance, price controls, currency, and financial aid to industries.  You would just assume that the chairman of such a committee would've worked at a bank or an investment firm before joining the United States Senate.

 Of course, you would be wrong to make such a crazy assumption.  Chris Dodd has never worked a day in the industry he now regulates.  Yet, we are relying on him to write comprehensive legislation to fix the problems in the banking sector?  Does anybody else see an issue here?

Rather than address the main problem of financial leverage, Dodd and his fellow Democrats are getting ready to pass a bill that could destroy the entire U.S. banking industry.

This bill will give regulators the power to break up large banks, which is a huge mistake.  The size of American banks was never the problem.  In fact, the one country whose banking system emerged completely unscathed during this financial crisis, Canada, has only six banks that control nearly all their deposits and assets.

Dodd would also include a $50 billion fund to be paid in advance by financial firms in order to liquidate failing companies.  This is simply an unfair, monster corporate tax in disguise.  It will reduce employment at these banks and harm their competitiveness versus foreign companies.

Yet another stand-alone regulatory agency would be created to oversee the industry.  This will drive up government costs and be a burden to taxpayers.

The scariest part is that regulation of derivatives is being constructed by folks who don't know what they are or how they function.

By regulating financial institutions beyond what is needed, Dodd will sharply reduce the growth of the entire American banking sector.  They will quickly lose business to international companies, who will come into the United States without the same, suffocating restrictions.

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