Filed under: bailout, bank bailout, Barack Obama, Big Banks, chris dodd, Dictatorship, dodd bill, Economic Collapse, economic crisis, Economy, Empire, Goldman Sachs, government regulation, Great Depression, job market, obama, obama deception, SEC, small business, Taxpayers, unemployment, US Economy, Wall Street | Tags: bailout authority, brad sherman, David Vitter, small business, startups, venture capital investing
Dodd Bill KILLS Jobs, Creates Permanent Bailout
NoWorldSystem.com
April 21, 2010
Today, Obama promoted another government takeover bill, this time the financial sector is the target. The bill is basically a sweetheart deal for the banking industry, much like how ObamaCare was a bailout for the insurance companies. The 1,408 page bill includes many provisions like the creation of a permanent and unlimited bailout authority for Wall Street and has the potential for making it difficult for small businesses to succeed.
Obama claims the bill will “put a stop to tax-payer-funded bailouts” when in reality the bill will create a permanent and unlimited bailout mechanism for the big banks and companies that are ‘too big to fail’. “If you liked the bailouts in 2008, you’ll love the Dodd bill,” said Republican Senator David Vitter. “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.”
Democrat Congressman Brad Sherman agrees: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”
The rhetoric by Obama today is just another example of how he slaps the hands of Wall Street to only make sure they prosper on tax-payer-funded bailouts by giving them complete authority. Not only that, but this bill will break the back of small business by placing restrictions on venture capital investing making it harder for small startup businesses to succeed.
Here are a few quotes from a Venture Beat article:
- “First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.”
“Obviously, I’m deeply concerned about Senator Dodd’s proposal to place these restrictions on angel investing. I think angel investing is undeniably one of the largest engines for job creation as well as innovation and competitiveness on the global scale for the United States. There’s no doubt about it that the restrictions that he’s proposing would absolutely chill investing.
“Specifically, one of the things we need to take into account is while 10 years ago it may have taken years to build a company, companies are now built in a matter of weeks. So this 120-day waiting period is frankly ridiculous. I have companies with tens of thousands and hundreds of thousands of users that are built in a matter of weeks. They’re generating actual dollars of revenue, creating jobs, investing in real estate office space, capital equipment, etc. If they had to wait 120 days to actually apply for the ability to obtain financing it would absolutely just crush that market.”
Obama is one of the biggest puppets for Wall Street, despite all the rhetoric he uses against them. Obama’s greatest allies are the big banks and most of his important constituents are wall street financiers. In 2008, Obama’s campaign was mostly funded by Wall Street, banks like AIG, JPMorgan and Goldman Sachs all played a major financial role for his presidency taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.
Obama and the Democrats in Congress will try to rush this bill in before the American people have the chance to find out what’s in it. Just like ObamaCare, they will use non-transparent and secretive tactics to make sure it becomes law. The bill is likely to hit the floor of the Senate as early as next week.
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10 Comments so far
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noworldsystem.com 
As long as Americans value 5 hours of TV time and their beers at the local bar over spending time and work to organize, network etc for their country- down it will continue to plummet.
As long as they pay taxes for this garbage? Its bye-bye USA.
Comment by meyer April 23, 2010 @ 4:00 pmThis bill is much like GeorgeIII tried to pull on the Colonies, and may engender a similar reasction.
Comment by TPaine April 23, 2010 @ 5:20 pmOh I see, the problem with this article is that he quotes and listens to Republicans who make taffy out of the meaning of words and truth. You use the word “bailout” and “bailout mechanism” over and over again when the only thing the bill is talking about is bankruptcy and liquidation, the very things that were missing in the Bush/Paulson/Obama/Gietner bank bailouts. A bankrupcy ain’t a bailout, and if banks have to forkup in advance for potential failure then that ain’t looting my US Treasury tax dollars. Lot’s of words out there don’t make any sense when you look them up in the dictionary. You advise people to read this bill while I’m thinking you should read a dictionary.
Comment by Davol April 23, 2010 @ 11:03 pmIt’s time for MILLIONS OF AMERICANS to descend on Washington and bring lots of ROPE with them, and pitchforks, and a hell of a lot of armament to defend themselves when asking the government to SURRENDER AND FACE TREASON CHARGES!!
Comment by HANG THEM ALL NOW!!! April 24, 2010 @ 4:13 amWhat I find horrifying is this:
On March 1, Obama publicly supported the firing of the entire faculty and staff at Central Falls High School in Rhode Island. He hailed the action as an example of what should be done at schools around the country in order to hold educators “accountable” for so-called “poor performance.” In doing so, Obama gave a green light to a nationwide attack on teachers.
Such hypocrisy is staggering.
Comment by Canuck April 24, 2010 @ 11:15 am[…] taxes called a ‘bank tax’ where every financial institution pays a fee directly to the IMF. Small business will be non-existent in this country and business in general will have to pay taxes like the VAT, carbon and insurance tax, all of which […]
Pingback by Truth USA May 9, 2010 @ 10:03 pm[…] taxes called a ‘bank tax’ where every financial institution pays a fee directly to the IMF. Small business will be non-existent in this country and business in general will have to pay taxes like the VAT, carbon and insurance tax, all of which […]
Pingback by Bilderberg Manipulated Stock Market Crash « May 10, 2010 @ 4:23 am[…] This bill would also break the back of small business by having them register with the SEC to only wait 120 days for the SEC to review their filing. A second provision in the bill raises the wealth requirements for venture capitalists that want to invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.” There’s no doubt about it that the provisions in the bill would absolutely chill investing and small business which is the backbone of our economy. [Source] […]
Pingback by The Survivalist Forum » Blog Archive » Senate Passes Wall Street Permanent Bailout Bill, It’s a Job Killer! May 21, 2010 @ 8:40 pm[…] This bill would also break the back of small business by having them register with the SEC to only wait 120 days for the SEC to review their filing. A second provision in the bill raises the wealth requirements for venture capitalists that want to invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.” There’s no doubt about it that the provisions in the bill would absolutely chill investing and small business which is the backbone of our economy. [Source] […]
Pingback by * Senate Passes Wall Street Permanent Bailout Bill S.3217 , It’s a Job Killer! « Count Us Out May 22, 2010 @ 6:08 am[…] This bill would also break the back of small business by having them register with the SEC to only wait 120 days for the SEC to review their filing. A second provision in the bill raises the wealth requirements for venture capitalists that want to invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.” There’s no doubt about it that the provisions in the bill would absolutely chill investing and small business which is the backbone of our economy. [Source] […]
Pingback by FreeWestRadio.com » Blog Archive » Senate Passes Wall Street Permanent Bailout Bill, It’s a Job Killer! May 22, 2010 @ 2:16 pm