Worst Bill Ever. What About the Constitution?

 banks, FDIC, Fed, law, moral hazard, Ritholtz  Tagged with: , , ,
Oct 312009
 
A-4 (V-2) in Peenemünde, Germany

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Here is another, similar take on my previous post. This one via The Big Picture. The frightening thing, at least to me, about Rosner’s commentary, is less the stupidity of the legislation than the abrogation of Congressional oversight in future decisions. If we had a Constitution, clearly such a policy would be deemed unconstitutional. Doesn’t even seem to phase these three. Where are we heading? Think Banana Republic with ICBMs.

Nice job calling out them weasels and the clowns.

Joshua Rosner, managing director at Graham Fisher & Co., talks with Bloomberg’s Matt Miller and Carol Massar about proposed U.S. financial stability legislation. Banks, hedge funds and other financial firms that hold more than $10 billion in assets would pay to rescue companies whose collapse would shake the financial system under draft legislation crafted by a House panel.

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click for video
rosner rant

Source: Bloomberg

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If the legislation goes through, the Obama administration may end up being just as ruinous, if not more so, than the Bush administration.

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