3 Reasons New Financial Regs Won’t Fix Anything

Patrick Gibbons

Congress must think we’re all stupid. That is why they’re passing a financial reform bill that addresses almost no causes of our current recession. They’re attacking credit card companies (nothing to do with our crisis) and codifying into law that they can and will bail out big companies (big companies did stupid things because they bet they would get bailed out). Importantly, the bill doesn’t even address the problems with Freddie and Fannie (this was a housing crisis with people buying homes they couldn’t afford, remember?).