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My Proposed Addition To MOAB 2008
Let's be frank the House Republicans know that approving the President's Mother of All Bailouts plan is another stake in the heart of the free market bonanza that they so adore. Why not just come out and state what this bailout says about the conservative view point of financial market regulation.
The original section 21- Definitions becomes Section 22. My proposed new section is as follows:
Sec. 21 U.S. Government's Renouncement of Free Market Ideology
Recognizing the irreparable harm that deregulated markets have caused to the American financial system and taxpayer the United States government shall no longer adopt, emulate or embrace any of the following ideologies or principles in design or creation of subsequent laws governing financial or commercial activities:
1) Efficient Market Hypothesis or any other delusional belief that market prices always reflect an accurate value of an asset and that market players always act in a rational manner.
2) Limitless use of leverage, speculation, arbitrage, hedging, short selling and securitization of debt in formulation of laws governing the financial sector or agency rule making.
3) Any other Friedmanite beliefs in weak regulatory frameworks, self regulated and self correcting markets and blind faith in an unchecked free enterprise system. Any dependence on Reaganomics, Rubinomics or Voo Doo Economics in any shape or form.
This should dissuade the government from allowing us to get bit in the ass for at least another seven to ten years. You know the adage, everything old is new again.
The original section 21- Definitions becomes Section 22. My proposed new section is as follows:
Sec. 21 U.S. Government's Renouncement of Free Market Ideology
Recognizing the irreparable harm that deregulated markets have caused to the American financial system and taxpayer the United States government shall no longer adopt, emulate or embrace any of the following ideologies or principles in design or creation of subsequent laws governing financial or commercial activities:
1) Efficient Market Hypothesis or any other delusional belief that market prices always reflect an accurate value of an asset and that market players always act in a rational manner.
2) Limitless use of leverage, speculation, arbitrage, hedging, short selling and securitization of debt in formulation of laws governing the financial sector or agency rule making.
3) Any other Friedmanite beliefs in weak regulatory frameworks, self regulated and self correcting markets and blind faith in an unchecked free enterprise system. Any dependence on Reaganomics, Rubinomics or Voo Doo Economics in any shape or form.
This should dissuade the government from allowing us to get bit in the ass for at least another seven to ten years. You know the adage, everything old is new again.
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