Another addition to the regulator alphabet soup?
Posted on 18 June 2009
Yikes, so here we go… We need to give the least transparent and least accountable entity with the most control over our economy more power without restrictions or transparency. That sounds like a great idea, doesn’t it? NO! IT DOES NOT. The Federal Reserve does not need more power and giving it more power without forcing transparency on decision making will leave us with more closed door decisions that benefit Wall Street at the expense of the tax payer. NO THANKS!!
Oh yeah, and we need another regulator to oversee financial instruments marketed to consumers to make sure they are safe. Hey, keep that lead paint out of my mortgage! Another massive bureaucracy funded by our tax dollars with little or no accountability and no firewall between duty to the consumer and political pressures from the beltway. Yes sir may I have another! But it feels so good when it stops!
What we really need and many independent analysts agree is real reform. The regulatory system in place today is a patchwork of incomprehensible junk built up over years and years of patching a system designed for the economy that existed six decades ago. It ALL need to be rethought, simplified, and firewalled from politics. But, of course, when those in charge benefit from the current system, this type of reform is dead on arrival.
Ah well, the very very very very slow pace of democracy when campaign cycles drive decision making. It is just as bad as the myopic quarterly obsessions of publicly traded companies. The Democrats have one year to get something meaningful accomplished. After that, we’ll be back to gridlock over the midterm elections and then the next Presidential cycle.
What a mess.
No responses yet. You could be the first!