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Republican Criticism Of Financial Reform Bill Begins

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In a weekly address by the Republican Party, Rep. Kevin McCarthy (R-CA) stated that the financial reform bill pending in the House and Senate would give the government "virtually unlimited power to pick winners and losers – and hardworking American taxpayers would pick up the tab for the reckless decisions made by irresponsible bankers."

It seems to me that Mr. McCarthy, as well as most other members of his party, weren't terribly concerned in 1994 with Glass-Steagall was repealed, creating the conditions which led to those "reckless decisions made by irresponsible bankers" which helped cause the 2008 crash. This to me is another reminder of the foolish anti-regulation mindset that Republicans and libertarians seem to have today - that regulation is a huge no-no and is always, without exception, evil.

I disagree with you, Mr. McCarthy. I think unrestrained greed in our financial system is the true evil here.

 

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Posted-In: financial reform Kevin McCarthyPolitics Topics Economics General