Obama's new financial regs - worse than we imagined

Hey kids! Let's create a brand, spanking, new federal bureaucracy to protect consumers of mortgages, credit cards, and other financial instruments from their own stupidity!That's just one of the nanny state goodie being proposed by the Obama administration to address what they say were the causes of the financial meltdown. Some of those "causes," according to this piece by Binyamin Appelbaum and David Cho of the Washington Post, are remarkable for the ideological basis on which they have been analyzed: The plan seeks to overhaul the nation's outdated system of financial regulations. Senior officials debated using a bulldozer to clear the way for fundamental reforms but decided instead to build within the shell of the existing system, offering what amounts to an architect's blueprint for modernizing a creaky old building. The White House makes its case for this approach in an 85-page white paper that describes the roots of the crisis. Gaps in regulation allowed companies...(Read Full Post)

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