Are you assuming I am against all regulations? I and most people are not, that is a common straw.
We need to regulate banks and all industry in a way that ensures the truth is told. That is what regulations are for, to protect us against fraud. If a bank is hiding its bad investments under some phony boloney accounting practices, that should be illegal and every effort of the government should go into eliminating fraud.
But our Government is still in collusion with the banks, because they have not fixed the accounting practices of banks. I like the post from Ritholtz on the Big Picture the other day…
I would also say, we need to limit the total assets of a single bank to some manageable size, so that there by nature of their size will never be another TBTF issue again.
But these policies are even handed across the board reforms. They are not restricting a banks specific dealings, only applying an across the board ethic to the entire industry. I would even venture to guess that most tea party types would agree with these common sense reforms.
The Frank Dodd bill and the myriad of other “regulations” are about control, not eliminating and illuminating fraud. It gives regulators unlimited power to make crap up as they go along, and it is not good regulation. It is ultimate corruption waiting to happen.
