Who Regulates the Regulators? Important
The predominant voice from Washington DC is the demand for more government regulation over banks and financial institutions (and everything else). Who is asking the key question, "who regulates the regulators?" Or who watches the watchers? The cutting truth behind the current downturn is that it is the government regulators who caused -- and are making worse -- the crisis. But it is a grand excuse for growing government even larger, so "slam, bam, thanky ma'am" says the Obama / Pelosi reich to the American taxpayer. "I'll be back for another quicky when I feel the urge."
H/T Simoleonsense.com and Focus On Value
For more, check out the YouTube Jim Rogers Channel
Labels: economic depression
posted by al fin at 6:43 am
2 Comments:
It seems that a board of partisan regulators will regulate the regulators:
The provision, which attracted virtually no attention in the debate over the 1,073-page stimulus bill, creates something called the Recovery Accountability and Transparency Board — the RAT Board, as it’s known by the few insiders who are aware of it. The board would oversee the in-house watchdogs, known as inspectors general, whose job is to independently investigate allegations of wrongdoing at various federal agencies, without fear of interference by political appointees or the White House.
In the name of accountability and transparency, Congress has given the RAT Board the authority to ask “that an inspector general conduct or refrain from conducting an audit or investigation.” If the inspector general doesn’t want to follow the wishes of the RAT Board, he’ll have to write a report explaining his decision to the board, as well as to the head of his agency (from whom he is supposedly independent) and to Congress. In the end, a determined inspector general can probably get his way, but only after jumping through bureaucratic hoops that will inevitably make him hesitate to go forward.
Interesting, thanks AE. Unfortunately there is little to suggest that the current wholesale descent into totally corrupt government will be slowing anytime soon.
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“During times of universal deceit, telling the truth becomes a revolutionary act” _George Orwell
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