I AM A GLENN BECK FAN BUT I THOUGHT I WOULD SHARE THE EMAIL INFORMATION BELOW FROM A GOOD FRIEND OF MINE.
I’m not a big fan of Glenn Beck and his style of presenting information on TV. But, no matter how you feel about him, you can’t watch his show that aired this past Friday (3.24.2011), or read the transcript of this broadcast, and not be extremely concerned about the unchecked power wielded by the Federal Reserve.
I’ve been complaining to everyone who might listen for months now about how the Federal Reserve has been creating restrictive rules, without the authority to do so, that fly directly in the face of proven facts, common sense and financial well-being for American consumers, not to mention that these same rules will eventually put small businesses out of business, in favor of a monopoly by the four largest banks in the U.S. Higher costs for all mortgage loans will result, as well as job losses in the hundreds of thousands caused by a rippling effect in all associated industries: realtors, title companies, insurance agents, appraisers, inspectors, builders, etc., will all be affected.
This is not “crazy” talk. This is actually happening and the Fed’s rule will take effect on April 1st, 2011, unless a temporary restraining order (TRO) or injunction against the Federal Reserve is obtained by one of two industry associations that represents thousands of other mortgage loan originators just like me. Both associations have recently filed lawsuits to stop the Fed’s insane, unfair attempts to rid big banks’ competition. One of these plaintiffs has been granted a TRO hearing for 9:30, tomorrow morning. I’m praying for U.S. District Court Judge Beryl A. Howell and that she will easily see the facts presented to allow for the plaintiff’s victory in federal court tomorrow & hope you will too.