Tuesday, March 23, 2010

The Dodd Disaster is Next

Chris Dodd, one of the two main architects of the financial crisis (Barney Frank is the other) is now determined to make sure "it doesn't happen here." And what he means is his bill will virtually guarantee that the US will lose permanently its supremacy as a financial center of the world.

The Dodd bill puts so many new regulatory restrictions on financial institutions that Washington would be better to simply nationalize all banks and financial institutions, as China did pre-1990 and Russia did under the Soviet Union. It would waste less money and be more honest. No international bank domiciled in the US can possibly hope to be competitive in world markets, given the Dodd bill.

Having planted the seeds, that if they grow, will destroy American's health care system, the next step, with the Dodd bill, is to destroy the American financial system.

Perhaps the Republican can stop this disaster. But, who knows? The "reconciliation" strategy may be the route to turning the US into a banana republic that Democrats choose ... at least until November rolls around.