So Obama and his Sheriff's of Nottingham, have created a new set of rules. Does anyone even know what the rules are? What do they fix? What do they prevent? One thing Obama's reform didn't fix is stopping the government from recreating the financial mess it architected in the first place. The whole meltdown of the economy was predicated on the Clinton-era policy congressional mandate that lenders MUST lend money to high risk customers. End of story. Lending money to idiots only serves to enable idiots with money.

Capitalism, not to be undone by that horror, figured out a way to eek a profit out of it. Why not? The government just made it illegal to lend money to those who can't repay. How else were the financial businesses supposed to make a profit, unless they created a business model around this stupidity.

Lending Las Vegas style.

[pullquote right]When you eat Jalapeño peppers, there is always hell to pay in the end.[/pullquote]Fannie May, Freddie Mac, and senators including our beloved Obama, all became government profiteers from these Wall Street mortgages. You see, the business model that was created, involved selling the neatly packaged mortgage to the highest corporate bidder. The Mortgage Backed Security, now encompassing thousands of now defunct loans, went on to trade hands getting larger and larger. It was wrapped in so much red tape accounting trickery, that no one knew the economical condition of the borrower any longer.

The Democratically controlled congress of the Bush era made it illegal to stop broke people from falsely  accessing the same rewards of those who legitimately worked lifetimes to achieve them. This was the poison apple being offered to a narcissistic generation. Joe Public ate the apples willingly. When you eat Jalapeño peppers, there is always hell to pay in the end.

One day, someone pointed out the emperor was naked. The loans to illegal aliens, unemployed citizens, first time home buyers with no credit, folks with good credit but small earning power...eventually went unpaid. That is prone to happen you know. VISA, Mastercard, and Discover Card became the new payment option for mortgages, utilities, diapers, food, cell phones. Mustn't go without....Until the card company's interest rates of 25%+ made repayment impossible as well.

One by one the loans wrapped in those tidy Wall Street candy packs started to undo. Profit streams, a.k.a. mortgage payments, from those candy packs stopped flowing. Government kick backs started to dry up as well. Investors wanted their returns on investments. Financial institutions began to sweat. They had to hide this from Wall Street, lest a panic is born. Lehman Bros. was the first public domino to fall. But in reality, Average Joe and Mary Broke, who leveraged their spending spree on real estate boom price gouging, were the first domino to fall.

Government tax revenues started to dry up. Housing markets started to plummet. People decided that the expensed items were not worth sacrificing to keep payments up, so they simply walked away en-masse from their repayment obligations.  The media/government spin is that big, mean, corporate white people stole the homes and cars out from under hard working Americans and then rode away on golden parachutes.

[pullquote right]Wall Street is nothing more than the financial mirror of us. WE need to reform our lifestyle recklessness as a nation. Then Wall Street will reform it's business practices.[/pullquote]Cue the finger pointing. The government blamed Wall Street. Wall Street blamed the government. The liberal backed media backed the government perspective. But, no one blamed the stupid people who greedily bought things they were ill equipped to afford. Instead these fools were deemed victims, and instructed to blame the economic system that "defrauded" them of their money. What money? Credit? Debt? That is not money. Although the Federal Reserves still thinks so. They keep printing paper money with no value backing whatsoever. They expect the world's governments to simply take the anal probing with our bond investments. That is drying up too. A rectum can only be probed so far before striking vital organs.

I mean, we all agree that everyone is entitled to a 3,500 square foot house, BMW car while dressed in the latest magazine cover fashions, right? At least the government and the New York ad agencies led us to believe so. Wall Street profited because of it. Day traders did too. Buy two, three, four homes, flip 'em for 200% profit. Wow, booming economy? No. Economic recklessness that was passed between three presidents, and numerous congressmen and women.

"I'll starve before I'll go without a mani or pedi" became the mantra among the mall rats. Now they ARE starving. Surprisingly, I still see a booming business with the luxury items. Apple just reported historic profits from it's luxury items. Average Joe and Mary Broke will not learn. Wall Street is nothing more than the financial mirror of us. WE need to reform our lifestyle recklessness as a nation. Then Wall Street will reform it's business practices.

This new Wall Street "Reform" bill does nothing to stop the narcissists from going back to the government drug dealer for more social program drugs. In fact, it encourages it even more. The addicts are promised to be taken care of —even BETTER now. The price? Independence, privacy and liberty.

The Wall Street Reform bill, which Obama signed into law this week, creates a body within the Federal Reserve aimed at protecting consumers, oversight of the derivatives market, and a way for the government to take over and dismantle failing financial firms, i.e. planned government takeovers of the U.S. banking system in order to protect the entitlement generation from their own financial stupidity.

“Anyone who claims this bill ends bailouts and too-big-to-fail is simply wrong,” said Rep. Tom Price (R) of Georgia, chairman of the Republican Study Committee. “Washington will now have broad, permanent authority to bail out failing companies with taxpayer money. And Fannie Mae and Freddie Mac, the insolvent entities still benefiting from the biggest taxpayer bailout of all, are not even addressed.”

Obama sold his biggest legislative initiatives as fixes for the economy, and by reelection time in 2012, voters may recognize them as accomplishments, because the economy should be doing better, Mr. Sabato says. “But right now,” he says, “all they know is the economy’s still bad, so what good to them is the stimulus, financial reform, even health care?”

“For most people not clued into politics, there’s only one issue: the economy,” says Larry Sabato, a political scientist at the University of Virginia, Charlottesville. “Basically, people are judging Obama by the shape of the economy, which is still very bad.”

Big business creates jobs. Jobs do not get "created" without business growth. Successful growth in business creates the demand for additional labor. As this government continues its push to destroy business, there go the jobs as well. The mantra of government creating jobs is idiocy. The only thing the government needs to do is stop rewarding people who choose to destroy themselves with apathy,  laziness, and lack of ethics. Capping business does not spur growth. It destroys it.