Watching up with Chris Hayes this weekend, I was frankly ashamed that I had not payed more attention to the JOBS Act that is bipartisanly sweeping it's way through congress. As Professor Black says in this clip, it is as if we have learned nothing, and we taking some of the main elements responsible for the financial crisis and expanding their usage.
Watch the clip and educate yourself:
I think the congresswoman's comments are frankly shocking, and a perfect example of how this type of thing goes through unnoticed. After plenty of substantive criticisms are made of the act, he defense has 3 parts:
1) The President wanted it
2) We care about jobs and needed to do something3) If it's bad, we can always go back and change it (for anyone who has followed our government over the last 3 years, that's a downright insulting statement)
Ugh. More on this when I get a chance to find out more. Sorry for missing the ball on this one.
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I'm so disappointed by Rep. Maloney. Let's deregulate everything, strip unions of all rights, and continue the execution of men of color on the street and see what happened in 20 years.
ReplyDeleteI just don't know why we constantly go back to deregulation every time we need to create jobs. Create good paying, protected jobs.
Yeah, it's really stupid. The Motley Fool had a great take on it – in essence, the act is set up so that large unscrupulous companies can take advantage of accounting loopholes that are ostensibly being built in so that small companies can gather investments more easily (which is a questionable goal by itself).
ReplyDeleteIt's also frustrating to see how gung-ho the tech community was about it. There's still a hunger for the late-90s tech boom, despite the consequences. Never seems like anyone ever learns anything from stock market disasters.
I am almost always for deregulation, but deregulation only works when the court system is capable of punishing fraud and theft.
ReplyDeleteUndoubtedly, a market failure (fraud) was responsible in part for the the recent recession, yet I don't know of anyone who was sent to jail for it. I think that is where we need to start to fix this mess. When people who commit fraud and theft are actually subject to fines and jail time, you can begin to talk about deregulation without fear of massive unscrupulous practices.