Banking

Barack Obama Now Insured Of Stature As Historic Domestic Reform Leader With Woodrow Wilson, Franklin D. Roosevelt, And Lyndon B. Johnson!

The victory yesterday of ObamaCare at the Supreme Court, by a margin of 6-3, insures that Barack Obama will be listed historically in the company of Woodrow Wilson, Franklin D. Roosevelt, and Lyndon B. Johnson in their massive accomplishments in domestic reforms!

Woodrow Wilson accomplished the passage of the Federal Reserve Act; the Federal Trade Commission Act; the Clayton Anti Trust Act; and the enactment of the first federal labor laws and assistance to farmers. His programs were both the “New Freedom” and elements of Theodore Roosevelt’s “New Nationalism.”

Franklin D. Roosevelt accomplished the massive list of reforms known as the “New Deal”, in the areas of banking, the stock market, government intervention in business, labor, agriculture, housing, and most significantly, in Social Security and other aid to the poor, as well as major public works programs. He also took us out of the worst of the Great Depression.

Lyndon B. Johnson accomplished the passage of Medicare and Medicaid, along with immigration reform, civil rights legislation, greatly expanded aid to education, and the “war on poverty”, all part of the “Great Society.” Johnson also enacted consumer and environmental legislation and two new Cabinet agencies. He brought about the greatest amount of domestic reform since FDR, who he idolized.

Barack Obama has now accomplished health care reform to cover all Americans, a massive step first proposed by Theodore Roosevelt in his “New Nationalism” campaign as a third party campaign for President in 1912. Additionally, he has promoted environmental legislation by executive order; advancements in civil rights enforcement; a Consumer Financial Protection Bureau; Wall Street reform; immigration reform through executive order; and many lesser reforms that all add up to the best domestic record of achievement since the 1960s! He also took us out of the Great Recession, the greatest economic downturn since FDR and the Great Depression! He is the greatest reform President since Lyndon B. Johnson!

Republicans Declare War On The New Consumer Financial Protection Bureau!

The Republicans in the US Senate have declared war on the new Consumer Financial Protection Bureau, which passed into law last year, and has finally found a person to lead it, as President Obama has chosen former Ohio Attorney General Richard Cordray to head the new agency.

Cordray was chosen, instead of Harvard Professor Elizabeth Warren, who really led the effort to create the new agency, but in so doing, alienated Republicans and the banking community, neither of whom wants any regulations that help consumers, when it comes to credit cards, car loans, and home mortgages. So, Obama, in trying to be more cautious, selected Cordray, who has been active with Warren in support of the agency’s creation, but has not caused the personal animosity that Warren has apparently brought about, just by advocating for the agency.

It seems doubtful that Cordray will be able to be confirmed, as the Republicans can insist on a 60 vote majority just to vote on the nomination, and have no problem with showing themselves to be anti consumer! It is just another example of the outrage that the GOP has become, refusing to cooperate with Obama on ANYTHING, while Obama has made many concessions!

The irony of it all is that Elizabeth Warren may now go back to Massachusetts and challenge Senator Scott Brown for his Senate seat in 2012, so imagine if she does do so, and wins, she will be a colleague of these Republican colleagues who have always wished her ill, because she cares about the average American consumer!

What a sad and tragic state of affairs this country is in at this difficult moment in American history!