Obama’s new plan for the markets — just what we don’t need

As an always above board play-by-the-rules investor — I loathe this new regulatory reform plan by the Obama administration to supposedly bring more transparency to the market.

It’s just what we don’t need — more bureaucracy — more regulation — more people with political leanings controlling the market.

I’m not happy that the people who are going to be in charge of Wall Street will be the same ones who have brought us bailout after bailout — not one of which did I support.

I believe in the free market system.

If your company fails — big or small — let it fail — or at least go through the bankruptcy process.

I don’t believe in the nonsense that any company is “too big to fail.”

Now we can look forward to new agencies and councils, a national bank supervisor, new rules for securitization, the fed becoming the system’s risk regulator… and it goes on and on.

Perfect.

Just what the market doesn’t need.

Of course the market needs to be watched and regulated — but the president needs to deal with the problem that caused this recent meltdown head-on — not cover it up by using nice-sounding catch-phrases like “transparency” — when he’s doing the complete opposite and adding layers of bureaucracy.

For instance, I still want to know why the SEC never figured out what Madoff was up to?

How in the world did this fly by their radar screen?

Address that question, before telling me you’re going to add even more layers of government,where everyone gets to point at the other when the shit hits the fan.

Transparency?

Nice word — if only the plan fit the tagline.

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