Saturday, September 5, 2009

Telling us what's good...

President Obama is instituting a new reform related to the banking industry! These new regulations will make sure that "[banks] become smaller, more stable and less likely to need the sort of massive federal bailouts that have defined the current economic crisis."


Furthermore- "Regulators would require all financial firms to hold larger capital reserves against unexpected losses. The largest firms would be forced to set aside even greater reserves, the rough equivalent of requiring a racehorse to carry more weight."

Oh wonderful.

Let's just let the government tell the banks how to manage their money. Oh yeah, that makes sense. The government that is ELEVEN TRILLION in debt. If the banks got that far into the hole, their CEOs would be in jail.

"Administration officials say that large financial firms can offer important benefits to customers, such as the convenience of a one-stop shop for multiple services..."

Oh. They 'can'. "We're allowing you to run your business in such-and-such a way! But you don't have the freedom to be stupid. Because that would be...stupid."

"Unlike other key parts of the president's reform agenda, the new standards would not require approval by Congress. "

Oh nice. Let's just bypass the checks-and-balances here...that sounds smart.

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1 comment:

Cassie said...

The governments should NOT interfere in personal, family and business decisions. Especially where money is involved! Maybe, Mr. President, once you manage your own money, then you can help the banks, but, wait... weren't the banks doing just fine?