Sucking off rich white men since 1854.

Shocking, I know:

Senate Republicans held together Monday afternoon to block efforts by Democrats to officially begin debate on the financial industry reform bill.

No Republicans cast a “yes” vote on the procedural motion, keeping Democrats from the 60 vote threshold needed to move forward. One Democrat, Nebraska’s Ben Nelson, voted “no” outright.

[...]

Among the bill’s provisions are the creation of a system for dismantling struggling large firms, the establishment of a consumer protection agency, and a requirement that derivatives be traded openly. The House has already passed its version of the legislation.

[...]

One difference between the two sides is over a proposed Consumer Protection Agency, which Democrats say will keep Americans from being taken advantage of by predatory lenders. Republicans fear the agency could be costly and add an unnecessary and harmful layer of regulation (emphasis mine).

Could someone please give me an example of unnecessary and harmful regulation of Wall Street? Because I’m drawing a blank here. I mean, the reason why our economy went balls up was because of a lack of regulation; which gave way to the rampant fraud on Wall Street.

But then again, what the fuck do I know? I’m not a white-collar criminologist and former financial regulator. But William K. Black is. And he agrees with me:

Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a “criminogenic environment”.

Goddammit, I love it when I’m right.

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