Timmy's spreech contained this nugget:
To address this [crisis] will require comprehensive reform. Not modest repairs at the margin, but new rules of the game. The new rules must be simpler and more effectively enforced and produce a more stable system, that protects consumers and investors, that rewards innovation and that is able to adapt and evolve with changes in the financial market.
When was the last time government implemented regulations that met these criteria?
5 comments:
It's sad when normal, smart people start sounding like robozombies speaking soundbytese. My blood boils every time I hear a reference to "the American people".
When was the last time market forces evolved mechanisms that met these criteria?
When was the last time market forces evolved mechanisms that met these criteria?
Pretty much always, seeing as how the current situation isn't the fault of market forces.
"[T]he current situation isn't the fault of market forces"?
That's quite unlikely, given that there was little serious regulation of the financial markets.
I hate to say it but Tim is just a self serving lout
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