Saturday, June 26, 2010

More disasters ahead

You couldn't pick two people least qualified to write a bill to regulate the financial institutions than Chris Dodd and Barney Frank. Yet, they are the authors.
No one has been able to read it, of course. Liberals don't produce their sausage in the sunshine.
But from news accounts we can learn that it does nothing to prevent another housing crisis.
Anyone who wants to understand the last crisis should read "The Housing Crisis" by Thomas Sowell, an economist who deals in facts instead of fancy.
It was Frank who assured everyone than Fannie Mae and Freddie Mac were in great shape as those two government agencies were failing. Even the New York Times editorial page saw it coming!
Dodd is on record as saying they don't know what the bill will do or whether it will "work."
The chances are that the banks and others who fall under this regulation will be able to find ways to operate, but apparently there is nothing in the bill to help the situation, so why bother?
Because it's what liberals do. Tinker and meddle, and hope everything will come out right.

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