D.C. at War With Big Banks
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BORDER PATROL South Korean soldiers conduct a military drill along the border.
the loyalty of the North’s generals and admirals faster than Kim Jong Il could purge them,” says Gordon Chang, the author of Nuclear Showdown: North Korea Takes On the World. Chang sees the Chinese as now
much more able to exert infl uence over the country’s military. On one hand, that might mean North Korea’s nuclear weapons are less likely to be used in a crisis. But on the other hand, it gives the Chinese more ability to exploit North Korea for use as a desta- bilizing infl uence against the West in all areas short of nuclear confl ict. One clear danger is that North
Korea could fi nally succumb to Bei- jing’s demands that it accept the bas- ing of Chinese soldiers on its soil, as happened during the Korea War with the U.S. between 1950 and 1953. Gordon Chang says this could result
in a cruel irony: “It is not inconceivable that, in the next two or three years, Chi- nese soldiers and the American mili- tary will again be face to face across the 135-mile Demilitarized Zone.” Should that happen, it would give
bitter meaning to Karl Marx’s old admonition that “history repeats itself, fi rst as tragedy and then as farce.”
John Fund is a conservative columnist and author of Stealing Elections: How Voter Fraud Threatens Our Democracy.
illionaire financier wilber ross jr. believes there is one fact investors can bank on in the new regulatory climate in Wash- ington: The federal government seems to hate big banks. Ross, chairman and CEO of WL Ross & Co., is one of the top
turnaround fi nanciers in the world and has been involved in the restructur- ing of more than $200 billion of defaulted companies’ assets. Forbes maga- zine reported Ross’ net worth in 2011 as $1.9 billion. “The problem with the big banks is that the government seems to hate
them,” Ross tells Newsmax. “The new Consumer Financial Protection group has issued an 800-page document telling the big banks what to expect when they come in for their inspection. That’s on top of the normal inspections from the Offi ce of the Comptrol- ler of the Currency and the Federal Reserve.” The controversial Consumer Financial Protection Bureau has been created to regu- late consumer protec- tion, and its jurisdic- tion includes banks, credit unions, and securities fi rms. The bureau was
founded as a result of the Dodd-Frank Wall Street Reform and Consumer Protec- tion Act, and began operation in July, although Republi- cans in Congress have blocked confi rmation of a director. Ross also says that the Obama administration’s strategy of “class warfare” in targeting wealthy Americans for tax increases “might be smart politics but it’s bad for the country.” “America had always been an aspirational society, and the right way
BUSINESS MATTERS Wilber Ross, here in Shanghai, says everyone suff ers when businesses are targeted.
is to fi nd how to bring the lower class and the middle class into a mode where they can be more prosperous. The wrong thing is to try to tear down people who have become prosperous.”
— Jim Meyers FEBRUARY 2012 | NEWSMAX 11
SOLDIERS/JUNG YEON-JE/AFP/GETTY IMAGES / ROSS/WANG KAI/WIREIMAGE/GETTY IMAGES
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