The View From 1776
Saturday, December 12, 2009
Closing the Barn Door
Procrustean regulation of banks and other financial institutions, passed by the House and pending in the Senate, will not prevent the next credit debacle and economic recession.
The House of Representatives has just passed a bill, primarily the brain child of Congressman Barney Frank, that expands the scope and detailed depth of financial markets’ regulation.
For public consumption, Congressman Frank’s legislation aims to prevent future financial meltdowns. This it will fail to do. It will, however, continue the long standing animosity between Democrat/Socialists and Wall Street and the business community.
Accepting the Democrat/Socialist Party