Mark DeVol Responds to Wall St. Reform and Consumer Protection Act, H.R. 4173
Andersonville, TN - January 3, 2010 - U.S. Congressional District 3 candidate, Mark DeVol responds to the H.R. 4173 - Wall Street Reform and Consumer Protection Act.
The national debt ceiling doubled from $5 to $10 trillion during the eight years of the Bush administration. In 2009, President Obama and the Democrat controlled Congress injected through spending, lending, and guarantees an additional $11 trillion into the U.S. economy.
If enacted, H.R. 4173 (currently passed in the house) will inject an additional $4 trillion, in tax payer dollar guarantees to prop-up indefinitely corporations deemed "too big to fail"…AIG, Fannie Mae, Freddie Mac, GM, Chrysler etc.
Under the pretense of "financial stability" the United States Government using Keynesian theories is printing phantom money backed by nothing. The same government policies used by the Carter administration, late 70's ~ 80's, produced the following results…16% inflation, 22% interest rates, 18% percent mortgage rates, 10% unemployment, 70% marginal tax rate, and a misery index of 21.98.