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14/7

Financial Reform Bill out of conference

Good or bad? No one really knows but it certainly will increase the bureaucracy and federal power. Worse yet, it seems the regulators will be all powerful. Isn’t that the type of “law” totalitarian governments implement? Here is a scary part…

Even the leadership has no idea of the outcome

The Fannie and Freddie boys were in charge – Dodd and Frank. That should give you pause right off the bat. It all depends on the rules written by the regulators. Scared yet?

It’s common for Congress to pass legislation and then leave the details to regulators, said J.W. Verret, a scholar at the Mercatus Center at George Mason University who frequently consults with legislators and agencies on financial regulation. But with this bill, “open-ended authorizing legislation was passed at a more rapid rate than we’ve ever seen before.”

It is about 2,000 pages – sound familiar? So a 2,000 page law is unknown until the regulators write the rules. Is this anyway for a Republic to operate? This has to be a sure sign our government is much too large. It is also yet another example of Congress outsourcing its responsibility. And you know the oversight will be weak until the next crisis. But of course the regulators will never be questioned. Albert Einstein’s definition of insanity: doing the same thing over and over again and expecting different results.

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