Discouraging news from Washington today. It seems like the enemies of the benign free marketplace are set to triumph over the protectors of the right of every American to get hosed by an unregulated banking industry.
This is the kind of thinking that will be cruelly squashed if these foes of unrestricted creativity get their way in Congress. The signs are increasingly grim in this regard . The Wall Street Journal reports this morning that "Wall Street giants... had been pressing hard in recent days to dilute provisions of the bill that would change the rules for derivative trading. But the Obama administration, which has made this one of its priorities for the financial-regulatory bill, has pushed back hard and appears to be succeeding. " Naturally, the protectors of our economic growth in the Republican Party are doing their best to stand fast in the fight for the under-regulated marketplace. In doing so, these courageous voices for liberty represent the interests not only of Goldman Sachs(GS), JPMorgan Chase(JPM) and Morgan Stanley(MS), the firms who have been leading the financial freedom-fighters from the right flank, but for all who value license over restraint, unfettered access to profits by the strong, and the creative spark that has fueled the American dream for those already quite wealthy. Those who are with these imperiled interests -- the time is now to stand up! To take the flag from their failing grasp and raise the standard high! If you believe in the right of financial institutions to sell you derivatives that are insufficiently capitalized, stand up! If you believe that people who have money should be able to offer loans to anybody, regardless of their ability to pay them back, repackaging those loans until it takes a forensic accountant to figure out who owns them, speak! If you believe in the right of those who hold your money to move around loans as if they were assets and assets as if they were debt, be counted! Loading Comments... 1 2 Last » Next ›SHARE:
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Business News From The Web Volcanic Ash Closes Down Air Traffic in North Europe New York Times China growth points to yuan move BBC Goldman Director in Galleon Probe The Wall Street Journal. Can China Cool Its Economy? BusinessWeek Online Hotel Occupancy increases during Easter Week Calculated Risk Restaurants See Slow Recovery From the Recession New York Times Foreign Loans Fueled Iceland Crisis The Wall Street Journal. Huawei 'Open' to Opportunities in North America, Executive Says BusinessWeek Online Lawler: BoA and Chase on Second Mortgages Calculated Risk Is it real or not? I dont know, do you? 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