Dick Morris Opposes Financial Regulation Bill

Friday, 23 Apr 2010 02:08 PM

By Dan Weil

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Political strategist extraordinaire and Newsmax contributor Dick Morris opposes the financial regulation bill that is starting to draw some bipartisan support in Congress.

“I’m very concerned that the Republican leadership may be freaked by the Goldman Sachs civil suit and may be running for cover and caving in on this fight,” he told Newsmax.TV.

The first problem with the bill is that it creates a $50 billion fund for any bank that’s in trouble and too big to fail, Morris says.

“That’s practically an invitation to irresponsible conduct, because if you get a bloody nose, Uncle Sam is there with a tissue to take care of it.”

Morris is even more concerned over a provision in the bill that so far hasn’t drawn much attention from Republicans. That provision allows the federal government to essentially launch a hostile takeover of any bank it thinks is too big to fail and is in danger of insolvency.

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“It’s one thing when a bank invites the federal government in and says please bail me out,” he said. “It’s quite another for the feds to swoop down and just seize any bank they want.”

Morris is worried that the power will be abused for political purposes.

“Any bank executive or employee or PAC would be reluctant to contribute to Republican candidates or offend President Obama or Treasury Secretary Geithner, when they could flick that switch and just like Dr. No in the James Bond movie send them plunging down into the shark cage.”

Morris hopes Republicans insist that any seizure action be taken in bankruptcy court according to objective legal standards that can be appealed.

“To give this power unilaterally to the treasury secretary I think is outrageous.”

As for the cap and trade bill, Morris points out that there’s no need for it.

At the Copenhagen climate conference in 2009, Obama set a goal for the U.S. to reduce its carbon emissions to 5 billion metric tons from what was then 6 billion metric tons a year, Morris says.

But without any regulation or tax, it’s dropped to 5.4 billion tons, he says.

“The recession, the environmental consciousness of the average person, the high gasoline price have all combined to create that.”

And the 5 billion level will be reached in the next year or two without action from the government, Morris predicts.

“Obama and the environmental community are using climate change as an excuse to regulate utilities and the manufacturing industry as part of a design to control the whole economy,” he said.

“The inconvenient truth is that American people are making the adjustment necessary to reduce our carbon emissions without the tax and regulation.”

On the subject of November’s Congressional races, “I was appalled when (Republican National Committee Chairman) Michael Steele said he expects us to make substantial gains, but felt it might take another cycle or two or three or four or 10 for us to get the majority,” Morris said.

“That was ridiculous. We will win the House and Senate this year.”

Morris recommends that Newsmax readers consult his new book “2010 Take Back America: A Battle Plan” to see which Congressional districts have vulnerable Democrats.

“If you live in one of those districts get involved in the campaign,” he said.

“If you don’t, adopt a Democrat. Find someone nearby who is in a tight race. Go contribute to his opponent, and maybe even spend your weekends doing some campaigning against the Democrat.”

And what does Morris think about Florida Gov. Charlie Crist possibly dropping out of the Republican primary for senator and running for the seat as an independent?

“I think it would be disgusting,” he said.

Crist would be turning his back on a Republican Party that made him attorney general and then elected and re-elected him as governor.

“Now he’s trying to get another job. And Republican voters turn him down. And then he quits the race and runs as an independent, splitting the Republican Party at this crucial juncture and perhaps electing a Democrat who otherwise would have no chance to win. That is outrageous.”

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