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Senate punts on Volcker Rule
Having learned nothing from the BP oil spill, partly caused by a failure of government regulators to require testing of deep-sea shut-off valves, the United States Senate just passed a financial reform bill which relies upon the intelligence and incorruptibility of government regulators.
What was actually needed was the Volcker Rule, proposed by Obama's competent economic advisor, former Fed Chairman Paul Volcker. That rule would have broken up "too big to fail" banks so that they would no longer be too big. The UK Guardian has a summary of the bill. Here's what it says about the Volcker Rule:
Comment by Dean Striker, 5/24/2010:
IOW, they'll pass a law, but we won't know what it really is until a pack of tyrants write us yet another set of rules without needing the consent of anyone except themselves.
Journal of Economic Literature:
Atlantic Economic Journal: