Monday, October 24, 2011

Blame Congress......................

 With all time Low Ratings how can anything get done in Washington D.C. ? Bickering , and the inability  for compromise is destroying the Government.

Let's imagine that in the future .........not far off.   That we either have  **both houses of congress dominated with Democrats , or Republicans . If the Republicans/ Democrats  win all the seats and the Presidency . America would turn into a one Party state all by the virtue of the free election process . The balance of power would shift left or right . For years there has been a saying that to change any thing we need to Cross party lines. Vote against the incumbents, all of them, every time., the people don't always get what they want--but--in most cases get what they deserve--we are on the verge of paying the price for stupidity that came into existence in 1973. It's a shame that both houses in Congress can't get anything done for the people because both of the parties have been sold out to the RICHEST conglomerate that can buy the congress and influence the VOTE and PASS laws . Yes, both parties of the House and Senate have been sold out to lobbyists .  Whether if they be UNIONS or CORPORATIONS  . The power of the Voter has been weakened to some extent as such that before all American eyes , every American has been TAXED with out Representation .Here is an 'example'.
Bank of America and several smaller banks recently announced new monthly fees for customers who use debit cards. The move prompted howls of protest, including from Sen. Dick Durbin (D., Ill.), who took to the Senate floor to encourage customers to remove their money from banks that raise fees.
That a sitting senator would encourage a bank run, especially in this economy, is remarkable - and an indication of the political heat generated by the fees. So let's see if we can shed some light on how to think about them
No customer wants to pay new fees for any product or service he already receives. So why are these banks taking the unpopular step and dinging their customers $3, $4, or $5 a month?
It's important to note that not everyone can say he didn't see it coming - least of all Durbin.
When Congress pushed through its big financial reform package last year, it included price controls on the so-called "swipe fees" banks can charge merchants for the use of debit cards in retail transactions. These fees are one way that banks make money. And they had nothing to do with the crisis that triggered the financial reform measure.
So why did Congress include these price caps? Because Durbin and other supporters of the measure were aiming to help friends in the retail industry who don't like paying the fees.
Before the law passed, the banks warned Durbin that the swipe-fee controls would likely lead them to raise prices for other services. But the caps passed anyway. And so banks have done exactly as they said they would do: They raised fees elsewhere to make up for the lost revenue, estimated at more than $6 billion.
Banks are not the most popular institutions these days, but they can hardly be faulted for raising fees in one area of their business after Congress imposed price caps in another.
This is not the first time Washington has experimented with price controls to ill effect. Policymakers also advanced price controls to regulate the airline, telecommunications, and trucking industries, among others. In the 1970s, the Nixon administration imposed caps on gasoline prices, which led to shortages, long lines at filling stations, and outrage.
Price controls are one of the most pernicious kinds of government regulation. In an ironic twist, they often lead to higher consumer prices over time, because they build inefficiencies into economic transactions and decision-making that end up costing consumers more in the long run.
Policymakers largely abandoned price controls after the painful experiences of the 1970s. But it looks as if we're repeating the mistakes of the '70s all over again. The public ire should be directed, as it was back then, at the Washington policymakers interfering with the market.
The good news is that a bipartisan effort is channeling some of the outrage in a productive manner. Rep. Jason Chaffetz (R., Utah) and Rep. Bill Owens (D., N.Y.) have sponsored legislation to repeal the price controls.
But they face an uphill battle. Large retailers like the price caps. And some policymakers see banks as a convenient villain. If the price controls remain, the loser will be he average bank customer, who will likely see less innovation, worse service, and higher prices over time.


The blame rests solely on Congress since they are the ones with the lawful power to enact the laws and support the rules. What has Congress done? In 1913 with the enactment of the Federal Reserve Act, Congress created the banker's dream and abrogated its responsibility to preserve the value of our money. The Federal Reserve is not part of the federal government at all; rather it is owned and operated by the member banks and rigidly controlled by the major players in the banking industry. Every decision and action made by the Federal Reserve has been to benefit its members at the expense of the American wage earner, saver, and retiree.Additionally, Congress enacted the Gramm-Leach-Bliley Act in 1999 which repealed part of the Glass-Steagall Act which prohibited banks from owning other financial companies. This allowed banks to also operate in other financial arenas like insurance and investments so that banks could take more risk in the hope of earning higher returns. Congress also enacted the Sarbanes-Oxley Act in 2002 which increased regulations and federal oversight on all publicly held companies and many privately held companies. In 2010 Congress passed the Dodd-Frank Act which altered federal regulation and oversight for virtually every aspect of financial operations in both the private and public sector. Each of those laws contributed to making it more difficult for businesses to be competitive, especially small businesses. These acts of Congress need to be repealed or seriously scaled back before our economy gets going again . We need and deserve Congressmen who have the knowledge to understand the problems and have the courage to do what is right for the nation rather than simply agree to what is politically expedient. We do not need the self-serving, career politicians our current system attracts; we need real patriots to serve us! November 2012 is another opportunity to elect citizen-leaders who will faithfully serve those who elected them rather than continue the same old game of confiscating wealth from those who earned it and transferring that wealth to those who did not..

**A new Rasmussen Reports national telephone survey finds that 46% of Likely U.S. Voters now view most members of Congress as corrupt. Thats up seven points from June and the highest finding yet recorded.  Just 29% think most members are not corrupt, and another 25% are not sure. Similarly, a whopping 85% of voters think most members of Congress are more interested in helping their own careers than in helping other people. Thats a record high for surveys stretching back to early November 2006.  Only seven percent (7%) believe most of the legislators are more interested in helping others.


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