Over the last few days on my favorite radio station, I have been hearing an advertisement get some heavy rotation. It is a catchy little tune about how Wall Street and the Banking Industry pushed the rules, took tax money, paid bonuses and think everything is hunky-dory. And it is paid for by the American Association of Retired Persons.
Now, I suppose if you think about it long enough, the banking regulations and/or the lack thereof can affect seniors. Many seniors rely on investment vehicles of some fashion, and if the bankers are playing fast and loose with other people’s money, that can hurt people when they can least afford it.
It really seems to me though that over the last several years, the AARP has dropped even the pretense of being a non-partisan advocacy organization and shown themselves to be the shills for the Democrat Party that we’ve known them to be all along.
Now, they seem to have gone full-throttle pushing the Obanking “Reform.” Now, to be fair, I am not 100% sure exactly what is in this so-called reform, but I can tell you one thing: It will be BAD.
Do I think the financial industry should be a free-for-all? Of course not. There needs to be some minimal regulation, disclosures required prior to signing, and things like that. I suspect that if there had been an actual minimum amount of regulation, instead of the bloated, confusing system we have, there would have been a lot less of the shady dealings that went on.
That’s how things work: you lay down regulations and mandates, and people will find ways around those rules. Just like in the past when there were price controls on meat. Once you could only charge a customer a certain amount for a particular cut, meat processors got creative. They slice something a little different, come up with a new name, and presto! they can can charge whatever they want because that “new” cut of meat is not covered by the existing rules.
Coming back to the Obanking Reform, as I said, I’m not really up on a lot of the details. But as we know from this adminstration, there isn’t any such thing as “reform,” or “fair,” or “free market.” Every single thing they do, along with their cronies in Congress, is rooted in the desire for control of as much of our lives as they possibly can.
The problem is, they will likely meet little resistance here. In the aftermath of Enron, AIG, Bear/Stearns, and others, it’s an easy sell. Don’t buy into it people. Question everything they want to do. Think about the long-term, and the effects it will have on even more of our freedoms.