Financial Reform Bill a Great Success … for the Banks!

posted by Nima

October 17, 2010 · Posted in Government 

Here is an invterview with Matt Taibbi on a “loophole” in the recent financial reform bill:

Their views and prediction on inflation are, as with so many people, uninformed and rather unlikely to materialize anytime soon. That doesn’t make the policies any better of course. Read my views on inflation in inflation and deflation revisited.

As far as the “loophole” is concerned: It’s important to note that any of such privileges, special treatments, or backdoor bailouts that might arise from this and any other bill are NOT loopholes. A loophole is generally considered something that legislators overlooked, giving common people an opportunity to take advantage of it.

Special privileges and favors for big business, the people on whose payroll Congress operates, are the very purpose of any newly enacted legislation. Things like that are exactly what legislators are paid for by lobbyists. This is simply how a democracy works, people! :)

In fact, I would be completely and totally shocked if this bill, just as any other, wasn’t loaded with special favors, privileges, and corruption all over the place, hidden across thousands of pages that no single legislator has ever fully read … and why would they ?!

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