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Can the Financial Reform Bill Fix the Economy? (No!)

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Can the Financial Reform Bill Fix the Economy? (No!) PostThu Jul 22, 2010 4:06 pm  Reply with quote
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    Can the Financial Reform Bill Fix the Economy?

    Washington’s Blog
    July 18, 2010

    ….Congress, Federal Reserve chairman Ben Bernanke, Treasury Secretary Timothy Geithner and the rest of the folks who run the economy are patting themselves on the back for passing the financial “reform” legislation….
    ….Unfortunately, as discussed below, none of our real economics problems have been addressed.
    Consumer confidence is plunging again, and yet little in the legislation really restores trust in the system.
    The poker game started breaking down because the wealthiest took all of the chips….
    virtually all leading independent economists have said that the too big to fails must be broken up, or the economy won’t be able to recover….the government has allowed them to get even bigger.
    Indeed, just as BIS warned years ago, bailing out the banks has simply spread their problems into sovereign crises … and now the banks and governments are broke, and the global strategy of printing obscene quantities of money (“quantitative easing”) is debasing currencies worldwide….
    ….If the problem that is grinding the economy to a halt is too much debt, and if no one in the government – in either party – is looking at solving the debt problem, then … we’re going to go into a depression as far as the eye can see….
    ….As PhD economist Dean Baker points out, the IMF is cracking down on the once-proud America like a naughty third world developing country. (As I’ve repeatedly noted, the IMF performed a complete audit of the whole US financial system during Bush’s last term in office – something which they have only previously done to broke third world nations.)On the other hand, “deficit doves” – i.e. Keynesians like Paul Krugman – say that unless we spend much more on stimulus, we’ll slide into a depression. And yet the government isn’t spending money on the types of stimulus that will have the most bang for the buck: like giving money to the states, extending unemployment benefits or buying more food stamps – let alone rebuilding America’s manufacturing base….
    ….Nobel prize winning economist George Akerlof predicted in 1993 that credit default swaps would lead to a major crash, and that future crashes were guaranteed unless the government stopped letting big financial players loot by placing bets they could never pay off when things started to go wrong, and by continuing to bail out the gamblers. (Not only has the government rewarded the gamblers, bailed them out and let them engage in a new round of risky betting, but it hasn’t even meaningfully reined in credit default swaps.)Paul Volcker is warning that the watered-down Volcker rule (which won’t even kick in for some time) won’t prevent the next crisis. Similarly, one of the primary authors of the legislation – Chris Dodd – long ago said the bill wouldn’t prevent future crises….
    ….Ben Bernanke doesn’t understand that liquidity was never the problem, and he has continued the same behavior which got us into this mess in the first place. Bernanke and the Fed have caused widespread destruction to the economy. And yet the financial reform bill gives the Fed has more – instead of less – power.
    Timothy Geithner was largely responsible for the crash and prolonging the crisis (see this, this, this, this, this, this, this, this, this and this) … and yet Geithner is being given more – instead of less – power by the new legislation….
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