The big picture
November 13, 2009 | federal legislation, industry | Comments (0)From a column in today’s New York Post:
Meanwhile, Dodd’s Consumer Financial Protection Agency (an idea the president also likes) would allow people to borrow more than the economy can stand, as long as financial firms jumped through hoops. Remember, adjustable-rate mortgages weren’t the problem — they were the symptom of unaffordable debt levels.
These regulatory “fixes” would set the stage for the next disaster. Next time, though, the US government might not have the resources to rescue the economy.
In the meanwhile, new bureaucracies would allow well-connected financial firms with the best lobbyists to compete on an unfair playing field, also weakening the economy.
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