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>From the Financial Times of 4 November. Opening salvo from Spencer Bachus, a potential Republican chair of the House Financial Services Committee, targets bank regulators who seek to curb banks' proprietary trading. Mr. Bachus says that the ban on such trading, known as the Volcker Rule that was included in the Dodd-Frank financial reform law will "impose substantial costs on the American economy and market participants" while yielding "doubtful" benefits. Implementation of the rules "may spark a mass exodus of clients from US banks to banks based abroad." Bachus is concerned that shareholders of Goldman Sachs and JP Morgan Chase will be hurt because the banks will be less profitable. _________ Isn't that touching? Isn't that just so "main street" as opposed to the elitist Wall Street pandering of the established Democrats? Gosh, oh gee willikers, the next thing you know, Sarah Palin will writing letters to the MMS office demanding that deepwater drilling be allowed to go forth unimpeded by those messy, costly, profit-killing safety regulations. I'd like to say that a good portion of the American electorate is a bunch of suckers and saps, but that would be too generous. Actually the electorate reminds me more of the audience at a World Wrestling Enterprise smackdown-- so excited by sight of the steroid juiced goons breaking chairs over each other's heads, that they decide to break the chairs over their own heads. ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
