Health care policy, which caused many heads to spin by its own right, was debated in Washington and across the land for over a year, allowing the country to absorb many of the issues’ key components.
Now, for a bill that is arguably even more complicated and just as significant in terms of its impact on the economy, Washingtonians and Americans will get likely a few weeks.
“This is one of the most complex bills I’ve ever seen. It’s more complex than health care certainly, by a mile,” said Taylor Griffin, a former Bush administration Treasury department official who now runs his own financial and communications consulting firm.
“It’s a lot of bills in one. It’s a derivatives bill. It’s a consumer protection agency bill. It’s doing a lot of things,” he said.
The House did pass a financial regulatory reform bill in December. But as House Financial Services Committee Chairman Barney Frank said, “nobody was paying any attention to what we were doing.”
Now people are paying attention. That doesn’t appear to mean, however, that many of them comprehend what they are looking at.
One Wall Street insider with years of experience dealing in derivatives trading said he doesn’t think any Hill staff – not to mention the lawmakers – truly understand how the high-risk, high-stakes world of swaps trading works. He said that those in Barney Frank’s office and some in the office of Sen. Chuck Schumer, New York Democrat, were most knowledgeable.
“But people who understand it trade it. They’re not going to make $75,000 a year as a junior staffer,” the trader said.
"The penalty good men pay for indifference to public affairs is to be ruled by evil men." - Plato
Pages
▼
Friday, April 23, 2010
Let's Make All The Same Mistakes With Financial Reform That We Made With Obamacare
It seems that every day we learn something new and distasteful about Obamacare. Who knows? Perhaps if congressmen had taken the time to read it before voting, they might have learned some of these things. So now, they're planning to vote on Obamanomics, without bothering to read that bill either.
No comments:
Post a Comment