Odd Citizen

Odd Citizen
An Odd Citizen’s Search For Vanishing Freedoms

Another Hatchet Job on Our Wealth and Freedom

December 11th, 2009

The Pelosi-Democrats have done it again. They’ve passed a bill that is designed to hog-tie the U.S. free market to the detriment of us all. This is like Sarbanes-Oxley, the hastily assembled monstrosity that was supposed to address the problem of corporate misconduct, but which instead imposed an ugly burden on small and rapidly growing businesses by bureaucratizing corporate governance. The new, so called Financial Oversight Bill reaches out its tentacles to regulate everything from payday lenders to the operation of hedge funds and private investment companies. I’ll have to check with my bookie to see if he’s affected too. The House passed the bill with no Republican votes and 27 Democrats voting against it.

Obviously the Democrats in Congress are blaming the current economic situation on the alleged misdeeds of private finance and industry. But the current situation is demonstrably not a failure of regulation or too little regulation. It is the result of politically motivated government efforts to tip the mortgage market to favor those who couldn’t afford houses, to keep interest rates too low for too long, to force banks to make no down payment loans to opportunists and deadbeats, and to entice Fannie and Freddie into buying packaging and reselling securitized mortgages, among other misdeeds. It was then blown into red-hot fever pitch by the shouts of “fire in a crowded theater” by Bernanke and Paulson. And the regulators either couldn’t see the problem because they were incompetent and lazy, or they saw the problem and let political considerations keep them silent. Why should we think that additional regulators would be any more effective, competent and alert than the dunces we already have?

Let’s hope the Senate comes to its senses and kills this socialist cancer before it metastasizes.

What is needed is a citizen’s regulatory agency which would have the duty and the power to take a hatchet to government programs, regulations and agencies that are incompetent, lazy and unneeded. This would eventually eliminate about 80% of the existing government activities, reinvigorate the economy and make us all freer and happier. We wouldn’t even miss the rot that would be hacked out.

Of course Geithner, Cox, Frank and others would have to pay their taxes and penalties, others would go directly to jail, and Obama, Reid and Pelosi could step down to the local level and resume their work as meddlesome liberal busybodies employed by homeowners’ associations, and our congress could become part-time.

Yes, I’m dreaming, but wouldn’t that be an improvement?

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