Congress is messing up the nation's banking and healthcare sectors by passing laws without giving much thought into their consequences, says Wayne Rogers, investor, entrepreneur and former star of the TV series "M*A*S*H." Big government, big corporations, and big labor are "all in cahoots to strangle the entrepreneur," he told Newsmax.TV. in an exclusive interview.
Financial-reform laws are making banks so big that they're threatening the health of the financial sector, while an overhaul of the nation's healthcare sector, popularly known as Obamacare, needs to be readdressed.
Congress may not have intended for big banks to grow even bigger but did so anyway, and the result is bad news for the entrepreneur looking to borrow and grow.
"We're headed towards a fascist economy in which you have big government, big corporations and big labor, and they're all in cahoots to strangle the entrepreneur," says Rogers, co-author of "Make Your Own Rules: A Renegade Guide to Unconventional Success."
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"People complain about not being able to get loans from banks today. That's true because the Fed is all over them. They were worried about them failing, and they were worried about the politicians criticizing them, so they've just been tigers on these small banks," Rogers says.
Here's where the Congress comes in: financial-reform laws don't look out for community banks but rather big financial institutions.
"In the meantime, the Congress in its infinite stupidity has allowed the big banks to grow even larger. You realize that Citibank, Wells Fargo, Bank of America and JP Morgan Chase: Four banks now control over 54 percent of the banking assets in the United States," he says.
"Goldman Sachs isn't one of the four but it's certainly a big one — you add Goldman Sachs and it probably controls 70 percent of the banking assets," Rogers says.
Turning to healthcare reform, Rogers says the Obama administration meant well when it tried to overhaul the healthcare system, but that overhaul needs overhauling itself.
"It should be repealed. We've got to start all over. It's a bad law," Rogers says.
The problem was that lawmakers never likely read the law when they passed it.
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"We have morons representing us. People who go up and vote for a bill that they have never read, I mean, are we crazy? Are we insane to hand over our government to those kinds of people? It's our own fault, by the way. We're dumb for doing it."
"Do we need Medicare reform? Yes we do. Do we need it in this form? Absolutely not."
Both Democrats and Republicans have kept healthcare in the spotlight since it was signed into law in March 2010.
Many Republican lawmakers want it repealed while President Barack Obama has said he wouldn't have done anything different, except push it through faster.
"Healthcare, obviously, was a huge battle," the president said at the Facebook headquarters in California recently, according to CBS News.
"I've asked myself sometimes is there a way we could've gotten it done more quickly and in a way that the American people hadn't gotten frustrated by."
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