Wall StreetThe Senate Thursday night passed its long-awaited financial reform bill, another critical plank in President Obama’s New Deal-esque agenda to bring the private sector under more comprehensive and stifling control by the federal government and Federal Reserve. Touted as the biggest piece of financial reform since the Great Depression, the bill, crafted primarily by retiring Connecticut Senator Chris Dodd (D), faces only reconciliation with a similar bill passed by the House last December before being sent to the President for his signature.

Will the politicians in Washington succeed in freezing our economy to death under the pretext of saving us from a non-existent global warming crisis? With our national economy and the global economy in the worst recession since the Great Depression of the 1930s, common sense and sound economic policy argue in favor of lessening the regulatory and tax burdens on the struggling private sector.

The day after the “flash crash” in the stock market on May 6th, Richard Russell, the octogenarian author of the Dow Theory Letters, said:

telecomTen years into the 20th century, the United States citizenry were still enjoying the afterglow of a remarkable generation of economic growth, innovation, and expansion.

“Shock and awe” is how the Pentagon described the opening stages of the 2003 U.S. invasion of Iraq: overwhelming force designed to demoralize the enemy into surrendering. Having witnessed how spectacularly that war turned out, the Obama administration decided to employ the same tactic, in a metaphorical sense, to the European debt crisis.

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