In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in total, to the Western European model of socialism, stagnation, and excessive government regulation.
At the G-20 meeting, Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. Bush agreed to create a College of Supervisors.
According to The Washington Post, it would "examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks' operations."
Their scrutiny would extend to hedge funds and to various "exotic" financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct "regular vigorous reviews" of American financial institutions and practices.
The European-dominated College of Supervisors would also weigh in on issues like executive compensation and investment practices.
These new regulatory powers have been delegated to unelected, international institutions with no political accountability.
All kinds of political agendas are advancing under the cover of responding to the global financial crisis.
Where Franklin Roosevelt saved capitalism by regulating it, Bush, to say nothing of Obama, has given government control over our major financial and insurance institutions; and it isn't even our government!
Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merging with the Europeans is like a partnership with death.Power to regulate U.S. financial matters has now been transferred to the international community, led by socialists in the European Union.
Will Obama govern from the left? He doesn't have to.
George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union.
The U.S. federal government has completely, totally failed in its service to the American people. It does not protect our borders, it does not protect our election system from being swayed by illegal aliens casting illegal votes and now it has turned over control of our financial regulations to other countries.
I advocate repeating with our present government, the Founding Fathers solution to their governmental problems. In my opinion, it is time to throw off the federal government of the United States and replace it with a new government with better protections for our freedoms and our land.