Financial Reform: What Does It Mean for "Little People?"

By John W. Lillpop

After congratulating himself for yet another devastating assault on free market capitalism, President Obama, flanked by the likes of Chris Dodd and Barney Frank, declared victory for enactment of the so-called financial reform bill.

However, the vital question ignored by the president and his subjects in the mainstream media is: Victory over what, and for whom?

For example:

Will mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMAC) be held accountable for their roles in the housing/mortgage crash?

Will taxpayer bailouts of FNMA and FMAC be halted?

Will my home regain some of the loss in value inflicted since Obama “saved” the economy?

Will foreclosures be cut off before one million home owners are booted out of their castles in 2010 alone?

Will tax cuts for middle class Americans be delivered as promised by Obama?

Will personal bankruptcies be replaced with good tidings of prosperity for all?

Will my meager 401(k) retirement nest egg be protected from the ravages of Wall Street fraud and, even more ominous, Obama fraud?

Will unemployment drop below 8 percent as Obama promised when he misused one trillion dollars of taxpayer money on his “stimulus” fiasco?

Will federal spending and the deficit be curtailed before Washington, D.C. becomes another Athens?

Will the interest rates on my credit card accounts plummet and become post-usury?

Will the epidemic of bank failures throughout the land be reversed and cured?

Will “Recovery Summer” become more of a reality rather than simply a mindless slogan?

Of course, these questions are strictly rhetorical.

Everyone knows that Obama is incapable of providing the leadership needed to solve the thorny issues facing the little people.