Tuesday, April 27, 2010

Jerry Pournelle on on the Financial reform Bill

"Adam Smith told us that capitalist would always collude to get government to make it tough for competitors to enter the market place; the current financial reform bill does this in spades with big casino. Of course Sarbanes Oxley already did that; but this make the cheese more binding. If the goal is to lock in big combines and outfits too bid to fail, and be sure no one will compete with them and take some of their market share, the current "reform" bill is a very good continuation of the work started by Sarbanes Oxley."

I have to say, I couldn't agree more.