Monday, December 13, 2010
The regulatory dot
Today's Progress Report, from the Center for American Progress, makes clear the difference between the two major parties as to whom governmental regulations are meant to serve. No, not, as those foolish Democrats seem to believe, the people, as in "of the people, by the people, and for the people", but the banks and Wall Street, as in "of the banks, by the banks, and for the banks". That's right. According to Republican Rep. Spencer Bachus of Alabama, the newly elected chairman of the House Financial Services Committee, "In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks". This will certainly come as welcome news to all the Tea Partiers out there in Wonderland who blame borrowers for ripping off unsuspecting bankers and naive Wall Street accountants.