Dysfunctional Financial Regulation

This is a good example of our dysfunctional government. The two parties are arguing over new banking rules that will have no effect. By the time anything gets passed it’s so watered down as to be meaningless. Consumer financial protection is an oxymoron and banks will insure any new rules pertaining to them will be toothless and ineffective. Add to this the current batch of regulators who failed to do their jobs and there’s only one conclusion…you’re on your own people. With our form of capitalism, there’s no protection from greed or incompetence.

We’ve got Dodd and Corker who’re working
Because regulators were shirking
Their oversight role.
With greed in control,
Another contagion is lurking.

Check out this article on ‘Why Capitalism Fails‘ for an prescient look at what happened and what the future might hold.

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