The "Jumpstart Our Business Startups Act" (in addition to everything else, the Act has an annoying, redundant title) will very nearly legalize fraud in the stock market.
In fact, one could say this law is not just a sweeping piece of deregulation that will have an increase in securities fraud as an accidental, ancillary consequence. No, this law actually appears to have been specifically written to encourage fraud in the stock markets.
Ostensibly, the law makes it easier for startup companies (particularly tech companies, whose lobbyists were a driving force behind its passage) attract capital by, among other things, exempting them from independent accounting requirements for up to five years after they first begin selling shares in the stock market.
The law also rolls back rules designed to prevent bank analysts from talking up a stock just to win business, a practice that was so pervasive in the tech-boom years as to be almost industry standard.
I don't think experience really matters for a president. My point is that you can't really use his own words from 4 years ago against him.
1.20.2009 - The end of one error, and the beginning of another
bah!!..constitution? what constitution? 11th amendment? what 11th amendment ? Just shut up and do as Obama says!!!
Wow, blaze just pimp smacked you
Update: The original reporting of this story was not entirely fair. Since posting the article, it has been brought to the author’s attention that a stipulation that waives the 11th Amendment is neither uncommon nor is it sensational.
As pointed out by The Blaze’s Meredith Jessup:
[If] a state is allocated a certain amount of funds for a road project, the initial funding for the project is a debt incurred by the state to be reimbursed by the federal government. This is so the feds can enforce guarantees of debt. It also prevents states from hiring contractors and then refusing to pay. Without the waiver of the 11th, the contractor would have no legal standing to sue the state for non-payment since the federal government is the ultimate source of funds (see the 14th Amendment).
You can find similar language in other bills [such as] The Americans with Disabilities Act.
Essentially, an 11th amendment waiver prevents states from contracting workers and then refusing to pay. Although a waiver of this type does surrender the 11th, it is not an unheard of arrangement.
Therefore, while the claim that states lose their sovereignty if they accept any aid provided through this bill is factually correct, it is the belief of this author that the original story was an overreaction.
The JOBS act... even liberals can agree on how much it sucks
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