Speaking of his mistakes

There is a government agency that has no limit on the growth of its budget. It gets its budget directly from the Federal Reserve, not Congress. Starting in July this Agency’s budget, which right now is estimated to be $158 million, will be funded entirely through assessments — also known as taxes — on bank-holding firms with consolidated assets worth at least $50 billion.

What kind of agency is this? Is this a new type of spy agency? Or perhaps is it a new part of the Department of Defense? Is it the agency that will replace NASA? No it’s none of the above. This new agency, The Office of Financial Research, or OFR for short, was created by the Dodd-Frank financial services overhaul that President Obama signed into law in July 2010. And what you ask is this agency’s mission, that it requires an unlimited budget? The agency’s official mission is to collect financial data and funnel it to another Dodd-Frank creation: the Financial Stability Oversight Council. These agencies were designed with the idea of preventing another systemic shock of Lehman Brothers magnitude.

Now I’m not a financial analyst, or money manager, hell I don’t even have any money in the stock market, yet I saw the warning signs of the financial meltdown we saw. The housing market giving loans to people who couldn’t afford them, the emergence of Bernie Madoff and the thousands of other “financial whizzes” who resorted to Ponzi schemes, and the falling value of the dollar. It wasn’t a matter of no one seeing this happening, it was a matter of “see no evil, hear no evil, speak no evil” and if we ignore it maybe it will just go away
This agency is just another covert attempt by Obama to peer into our private lives by gathering our financial information. If he gets reelected he will have nothing stopping him from totally destroying our country, right now he is laying the groundwork for his eventual total power grab. We need to stop this, before it totally wipes out what’s left of our great country.
Read the article about the OFR here.

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