Regulation nation
It will never happen because the very people who would presumably be doing the investigating have the most blood on their hands, but if any aspect of this financial crisis should be investigated it should be Congress itself. Members of Congress will no doubt claim “I didn’t know” or “I was hoodwinked like everyone else” but the fact of the matter remains that they were charged with making the laws that oversaw Fannie and Freddie and they should have known rather than pretending they were authorities on the subject and not actually knowing what was going on or worse, excusing it.
…It’s about time that the American public demand that Congress take a backseat role in regulating things they simply don’t intellectually grasp. The credit markets are specialized and we should empower our regulatory agencies to hire professionals who understand these markets, and Congress should empower those individuals to do their jobs rather than arm chair quarterbacking for sound bites, Sunday morning news shows, and for their own ego gratification.
I’d suggest knocking off with the regulation altogether, but then I’m an extremist and Jeff is a centrist. But seriously, I’m depressed by how so many people think the answer to the utter failure of government regulation is more regulation. Our country is brainwashed.
Filed under: Life