Chris Dodd tries to leave going away "present" for America
Chris Dodd, the scandalized, disgraced and soon to be ex-Senator from Connecticut proposed doing to the entire financial sector what he and his co-conspirators have done to the housing and banking sectors.
Dodd's bill, weighing in at 1300 pages, would construct a web of regulatory structures and overlapping jurisdictions and allow the government to seize any entity at any time in the name of "financial security".
As with housing and banking, lobbyists and meddling bureaucrats will be quick to capitalize on this new web of rules and agendas that will practically ensure that when the shit hits the fan the next time everyone will be able to point their finger at someone else and claim it was their fault, much like Congress has done with the housing and banking problems over the past few years.
If real financial reforms are desired then the government needs to stop subsidizing failure, allow companies to go under when they've made catastrophic mistakes, stop forcing social agendas onto financial institutions and focus on fighting fraud in the existing system. One of the lessons people have learned from the past few years is that when a lot of people commit a lot of fraud the government gets overwhelmed and a lot of people get away with it.
Dodd's bill, weighing in at 1300 pages, would construct a web of regulatory structures and overlapping jurisdictions and allow the government to seize any entity at any time in the name of "financial security".
As with housing and banking, lobbyists and meddling bureaucrats will be quick to capitalize on this new web of rules and agendas that will practically ensure that when the shit hits the fan the next time everyone will be able to point their finger at someone else and claim it was their fault, much like Congress has done with the housing and banking problems over the past few years.
If real financial reforms are desired then the government needs to stop subsidizing failure, allow companies to go under when they've made catastrophic mistakes, stop forcing social agendas onto financial institutions and focus on fighting fraud in the existing system. One of the lessons people have learned from the past few years is that when a lot of people commit a lot of fraud the government gets overwhelmed and a lot of people get away with it.