More Regulation?

My concern is we have not enforced our existing regulations and we allowed lobbyists for banks to convince Congress to pass favorable laws.  A Federal regulator have even allowed blatantly illegal activities regarding backdating capital on the balance sheet, from a bank regulator that did the same thing in the S&L crisis.  See the Wall Street Journal for details.

Congress and the President want even more regulation.  That means more regulators.  That means more duds like the video below ensuring(???) we don't get burned as taxpayers.  The Federal Reserve has committed over $9.7 TRILLION dollars that the taxpayers ultimately backstop.  That is over $30,000 liability on every single person in this country.  More regulators is very unlikely to help.  How about better regulators?  Lots of Wall Street people are without jobs and they know how business is done.

Watch the video and you decide if more regulators will help.  By the way - stuff like this is quite common for our regulators for those who don't regularly see "how the sausage is made."

 

Sources:

Mises.org, The Fox Watching the Henhouse,  http://blog.mises.org/archives/010086.asp

Wall Street Journal, Regulators Let IndyMac Backdate Infusion, http://online.wsj.com/article/SB122998621544328009.html