He's got the bit in his teeth, now...
Run, Statist! Run!!
WTH isn’t Congress objecting to being told shown that it is obsolete? Do they not get it? Are they busy worrying about fish sandwiches?!? Is someone holding their poodles hostage?
Or was it this action?
A summary of President Barack Obama’s regulatory plan, “Financial Regulatory Reform: A New Foundation.”
--Creates Financial Services Oversight Council, which would coordinate activities among regulators ...
--Strengthens laws designed to protect “unsophisticated parties” from trading derivatives “inappropriately.”
--Gives the Fed more power over the infrastructure that governs these markets, such as payment and settlement systems. ...
--Creates a mechanism that allows the government to take over and unwind large, failing financial institutions.
--Creates a formal process for deciding when to invoke this power, which could be initiated by the Treasury, Fed, FDIC or SEC.
It goes on. ...and on and on.
“I have always been a strong believer in the power of the free market," Obama says in remarks prepared for delivery at the White House this afternoon. “We seek to put in place rules that will allow our markets to promote innovation while discouraging abuse."
How many times must we be forced to trot this out? “I do not think that term means what you think it means.”
"There are no new eras - only old eras that go to new excesses.”
-- Robert J. Farrell
Next entry: "Present."
Previous entry: *eye roll*
