SENATE FEELING THE ABSENCE OF KENNEDY ... ?
It appears that the GOP is closer to two of its goals: deposit insurance for the super-rich (paid for by everybody, i.e. socialism) and weakening investor protections.
The SEC reportedly is moving swiftly to can mark-to-market. This weakens the hands of investors, who will get even a worse picture of what is going on under the hood. It protects weak managements, etc.
One wishes that there were some liberal lions left in the Senate, who would filibuster the Bill, until there are some ... Democratic values attached, so long as the GOP is getting fed at the trough.
THE URBAN LEGEND OF THE SMALL BUSINESS THAT CANNOT MAKE PAYROLL
As for Deposit insurance, one has to wonder who the economist is who had Obama's ear on that one.
The idea that deposit insurance should be targeted to business and not to the average Joe with a savings account is ... repulsive. It's not good policy and it's not good for business.
What's more, these changes should require some study.
I cannot help but feel that the myths about the need for it will amount to the same urban legends variety that have been promulgated for years by the GOP about the "death tax" (and all those family businesses that it purportedly was bankrupting).
Why $100,000, adjusted by inflation?
Anyone with some sense, can think of some ways to tie a figure to some amount that isn't arbitrary.
As it is, the Obama campaign economist(s) just made it far, far easier for some super-rich guy with $1,000,000 in cash to insure at the cost of everyone else. They now only have to find four banks and split their money. Before, they had to find ten. Aren't you glad your Senate is about to make life easier for them?
Tuesday, September 30, 2008
In Round Two, GOP Getting All They Want?
