UPDATE: Obama's Bold-faced Lie On Finance Reform
Infamous kleptocrat Chris (Mr. Sandwich) Dodd (Deemocrat, Wall St.) is "retiring" to keep from having his ass booted out by voters. On his way out, he's setting a time bomb.
Dodd, largely by virtue of having his corrupt butt in a chair in the Senate long enough, presides over
The United States Senate Committee on Banking, Housing, and Urban Affairs.
Dodd and his staff are working on a rather comprehensive (read "revolutionary") reform of the regulations governing banking and finance in America. I will wait just a second for your "irony over-load" circuit-breakers to reset as you contemplate the idea of Dodd (too corrupt for even Connecticut voters to abide) being in charge of writing regulations for ANYBODY.
Indeed, if you have a thinking brain cell, you understand that Dodd is the poster-boy for "why regulations don't, won't, and can't prevent X". Whatever "X" is...and however you regulate to prevent it...when you have people like Dodd and those who bribe him, "X" will be a predictable certainty. In fact, I can make a very good case that says that the more you try to regulate something, the more likely it is that when you get "X", it will be MORE damaging (see Home Financing Crisis).
But just at this time in American history, our central government under the collectivists seems to be working in a very determined fashioned to assure that we will never recover as a thriving economy. I mean every word of that statement. Every Obama economic move since BEFORE he was inaugurated seems calculated to damage economic vitality. See Cloward-Pevin.
Thus it is with Mr. Dodd's little parting gift for America (he owns a very nice little cottage in Ireland). From sources as diverse as the HuffingPros to Reason, you can see ONE major thing wrong (and, boy, there are a lot of major things wrong) with the Dodd regulatory poison pill. In a time when we need innovation and entrepreneurial activity as badly as at any time in our history, Dodd's proposing to make sure it is very effectively suppressed. How? Buy raising the barriers entrepreneurs have to jump to get to funding. "Killing all angels" is a completely irrational and unnecessary move. It isn't like this is an area of regulatory dearth under the current scheme.
It also isn't like regulation works to do what it seems designed to do, either. We have ample empirical evidence showing that it does NOT work. Again, Dodd (with his fat-cat buddies) is an excellent case-study in WHY regulation is ineffective at its purported design. Here is an excellent little thought experiment for you to try at home; answer these questions, if you can.
American banking and finance are NOT under-regulated. Regulation can be no more effective than the people on the ground. Dodd and the sub-prime crisis show that NO regulatory scheme can overcome corruption and terrible political policy. Regulation can provide the illusion of protection; that delusion is dangerous.
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