Wednesday, July 28, 2010

Steve Kagen & Financial Reform

I'm up at Fox Politics covering Kagen's misrepresentation of the recent financial reform legislation that became law.  Be sure to click through and check out the whole thing. - Appleton, WI News - What's really going on in the Fox Cities
Following passage of the financial regulatory reform bill Congressman Steve Kagen issued a press release touting the benefits of the bill. The only trouble is that his description of the bill's consequences don't appear to be accurate


Dad29 said...

Since when has "truth" had anything to do with Kagen?

D said...

The starting point is the fact that the bill absolves the SEC from any and all scrutiny - you can't even FOIA them anymore.

Considering the fact that companies spend billions cooperating with this regulatory body and that it couldn't detect the most obvious of fraud emanating from its own employer as well as that of the GSE's, this body should have been eliminated as superfluous.

In typical government fashion, they have not been eliminated. They have been granted more power; an unlimited amount, to be exact.

Besides... what do we need them for? The omnipotent, omniscient central planners and social engineers at the Fed are supposed to be 'regulating' the markets.