|The Declarer (Floyd McWilliams' Blog)|
Monday, February 08, 2010
Remember this quote when someone tells you that the financial industry needs more "regulation:"
This is Chris Dodd (D-CT), the powerful member of the Senate Banking Committee, who threatened filibuster after filibuster over additional regulation of the mortgage market (while accepting funds and sweetheart mortgages from the very organizations he was supposed to be regulating).
One of the most obnoxious habits of my fellow citizens is to take government policies at face value. Financial "regulations" do not control or moderate the financial industry. They are a cudgel that Senators like Dodd can use to acquire more money, and more power.