Financial Regulation Draft

Here is the draft of the financial regulation outlined by the government yesterday.


I Robust Supervision and Regulation
II Comprehensive Regulation
III Protect Consumers and Investors from Banksters
IV Provide Government Tools to Manage Crisis
V Raise International Regulation and Cooperation

Now, just looking at these five major outlines, I almost want to throw up in my mouth. In fact, I just did. You mean to tell me after 250 years, three hundred million citizens and a $14 trillion economy, we don't have any of this taken care of? Only the government could come up with a new agency to protect people from government policy re item III. I think we might just be able to accomplish the same thing by getting rid of a few government agencies.

Over the last fifteen years or so I have gone from having reasonable confidence in government providing some services and little confidence in other areas of policy to complete loss of confidence in government's ability to do anything. Well, almost anything. I'm still quite confident I'll get my mail and my auto registration.

I seriously doubt we will get any substantial economic or regulatory change until we see an utter collapse that wakes these profligate swine from their favorite games - playing with other people's money, preening for the camera and getting plenty of money from lobbyists. Sharpen your pencils for 2010 and 2012 because it's already time for a new election and new faces which will serve the people of this country. I am now writing off the politicians we just elected last year.

I remain confident of our downside target for the S&P.