The "Financial Reform Bill" Worse Than Useless

The "financial reform bill" being pushed by Democrats (and perhaps an idiotic Republican or two) is worse than useless. As financial industry analyst Tom Brown points out, if this bill were in place during the 2008 financial crisis, the result would have been no different.

Worse still, it gives the government the sword of Damocles to seize and destroy any financial institution it deems to be a systemic risk.

And we all know from Fannie Mae and Freddie Mac just how insightful our government is at determining which institutions are on the verge of collapsing, right? Judging from Sarbanes Oxley hearings a few years back, Maxine Waters' solution would probably be to dissolve any institution that had two sets of books (one for GAAP purposes and one for tax purposes)!