Must read of the dayII
April 20, 2010 | federal legislation, industry, positive media coverage | Comments (0)A guest oped in the NY Post from a CATO Institute scholar:
The economic consequences of the Dodd bill are a direct result of an ideology that replaces a respect for the free choices of individuals with a Washington-knows-best attitude.
Most of what passes for “consumer protection” in the bill is nothing more than an attempt to eliminate consumer products that the left hates.
Yet payday loans, check cashiers and title loans are already subject to oversight by the Federal Trade Commission. Anyway, none of them had anything to do with the financial crisis.
The Dodd bill would push the government into the business of dictating the terms at which consumers and businesses can contract. This has nothing to do with protecting consumers and everything to do with replacing consumer preferences with bureaucrats’ choices.
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