Negative Space: financial reform
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- Institutionalizing Crony Capitalism
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“The financial reform bill gives regulators the power to pick winners and losers, institutionalizing their ability to decide ‘which firms to rescue or close, and which creditors to reward and how.’ Does anyone doubt that firms with the most lobbyists and the biggest campaign donations will be the ones who get seats in the lifeboat? The president is trying to convince us that he’s taking on the Wall Street ‘fat cats,’ but firms like Goldman Sachs are happy with federal regulation because, as one of their lobbyists recently stated, ‘We partner with regulators.’”
“We need to be on our guard against such crony capitalism.”
- A Guide to Sound Money
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“Sound money is honest money in that it accurately conveys price signals and reliably serves as a store of value. Sound money is trustworthy and reliable in that it functions as a meaningful unit of account so that market participants—consumers and producers, investors and entrepreneurs—can make informed decisions and rational plans.”
The more I learn about John McCain the more I want to vote for him.
