Thursday, December 06, 2007

All that's needed to put the economy here is a bunch of leaders who believe Ayn Rand

Dude, don't look now but the Bush economy is headed exactly where you secretly fear it's headed.

I'm grateful to my pal Buce at Underbelly for calling attention a piece from the Washington Post that points out we may be one flush away from drowning the economy.

But it's even worse than that. With the Steagall-Glass Act now history – it was enacted during the last major round of bank failures during the Great Depression and killed off by Iago lobbyists whispering in the ears of Ayn Randite anti-regulation idiots – we're all in for a drubbing.

Thanks to the Steagall-Glass Repeal, when a bank fails, the brokerage house attached to it fails. When a brokerage house fails, so does the bank attached to it. With no Steagall-Glass the economy now can double your trouble in half the time.

What we need is more regulation, tighter regulation, and fast. What we're going to get under Bush and the somnolent Congress of Cautious Democrats is zip.

Nope, I take that back. We're gonna get shafted.

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