Friday, February 6, 2009

The next battle

Eventually the Recovery and Reinvestment Act (aka, stimulus bill) will be passed. I'm not betting that it'll pass in the form I'd prefer, but it will pass.

The next battle: overhauling Federal regulatory structures.
This includes not only financial regulatory agencies, but also more mundane ones... like the FDA.

The Republicans will be up in arms, spouting nonsense about the wonders of market self-regulation.

It's important to have some handy case-studies ready.

The big case-study that is currently making the news is the meltdown of the financial system as a result of non-existent regulation of all sorts of private financial institutions - mostly investment banks, but also insurers, hedge funds, and the like.

But there are other case-studies to present as evidence.
One that makes the news today?
FDA: Ga. plant knowingly shipped tainted products
Associated Press
6 Feb 2009
WASHINGTON – A Georgia peanut plant knowingly shipped salmonella-laced products as far back as 2007, at times sending out tainted products after tests confirmed contamination, according to inspection records released Friday.
I've said it before, and I'll say it again:
"Self-regulation" is oxymoronic!!!
The only appropriate response when anyone in your presence sings the praises of market self-regulation is to LAUGH LOUDLY!!!

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