23 May, 2010

New financial rules might not prevent next crisis

iWon News
The most sweeping changes to financial rules since the Great Depression might not prevent another crisis.

Experts say the financial regulatory bill approved by the Senate last week, and a similar bill that passed the House, include loopholes and gaps that weaken their impact. Many provisions depend on the effectiveness of regulatory agencies - the same agencies that failed to foresee the last crisis.

A big reason for the bill's limitations is that banks and industry groups lobbied against rules they felt would reduce their profit-making ability.

What?! This is simply outrageous and patently untrue. How is it possible that government regulation could fail to prevent another "Great Depression"? This is precisely the kind of unpatriotic, negativity that will undermine the efforts of all those selfless community organizers in Washington.

This story is merely setting the stage to place blame against those concerned that may have to engage lobbyist to protect their interests. Perhaps the majority Democrat party is preparing the straw man for the November elections? You see, those evil Republicans blocked our efforts to provide "meaningful" regulations to "protect" the American people. Had the roles been reversed, I am certain the Republicans would have likely done the same.


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