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Published On: Sun, Apr 25th, 2010

We certainly don’t need more financial regulation

As the Senate gets ready to vote on Chris Dodd’s massive 1000+ page bill, I have to think, geez, these guys really think we are stupid.

Notice the typical pattern of “the government breaking our legs and then offering us a crutch” to make it all better as pointed out by Downsize DC:
  • First Washington burdens our economy with excessive taxes, regulations, debt and laws in the nameof protecting us.
  • When the economy tanks, the excessive taxes, regulations, debt and laws are never to blame
  • The economic disaster that always follows the excessive taxes, regulations, debt and laws ALWAYS calls for MORE excessive taxes, regulations, debt and laws
The President, his opponent and congress all ran like a bat out of hell to Washington to vote “yes” on the TARP bailouts. Something that cannot be found constitutional on ANY level. Now in the Dodd bill they want to force prudent firms to pay into a $50 billion bailout fund to subsidize the risky behavior of irresponsible firms.
In addition, the bill “vastly expands the government’s power to do arbitrary things like liquidate bank x but let bank y stand.”
The bill creates new armies of “financial police” who will write thousands of pages of new regulations will only make it harder to do business in America.
It puts no restrictions on “quasi” governments agencies like Fannie and Freddie, but puts many restriction on private firms.
Most importantly, this bill does NOT address the real heart of the problem–the boom and bust cycle produced by the Fed’s monetary policy.
The criticisms of this bill are too numerous for this posting to list.
Why would the American people think the the same SEC who blew the whole Madoff situation and surfed porn will do any better with more “cops”.
As the CATO Institute’s Gerald O’Driscoll said in a recent piece, “Piling on more rules and statutes will not produce something different than it has in the past. Reliance on affirmative principles of truth-telling in accounting statements and a duty of care would be preferable. Deregulation is not some kind of libertarian mantra but an absolute necessity if we are to exit crony capitalism.”
Why does Washington insist on constantly putting out fire with gasoline?
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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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