Kill the JOBS Act!
Kill the JOBS Act!
http://www.slate.com/articles/news_and_politics/the_best_policy/2012/03/the_jobs_act_the_appalling_bill_that_would_repeal_essential_wall_street_reforms_.html
Once again, the Puppets on Capitol Hill are about to slam the Muppets on Main Street. The country still hasn’t recovered from the Wall Street-induced financial cataclysm of 2008, yet Congress is preparing to enact the Orwellian ”JOBS Act”—a bill that should in fact be called the “Return Fraud to Wall Street in One Easy Step Act.” The bill will undo some of the most important reforms placed on Wall Street in a generation.
Ten years ago, virtually all of the major investment banks on Wall Street were charged with a monumental deception of the American investing public: touting stocks as great investments when in truth the banks believed the stocks to be “dogs,” “pieces of ----,“ and worse. The banks did this because of the conflicts of interest woven into their business model. They were underwriting the very stocks they were also touting, making the investing public dupes helping the banks generate enormous fees.
At that time, the investment banks’ defenses were as astonishing as they were revealing. First, they claimed “everybody knew“ that analysts’ recommendations were worthless because of the enormous hidden conflicts—admitting that no rational, knowing person would rely on the advice investment banks were sending to tens of millions of small investors. This, of course, would have been news to the investing public. And then—even more disturbing—they rationalized that such deception was acceptable because they were not as bad as their competitors. In a world of relativism, “not being the worst” was in their minds a sufficient defense to market frauds.
(more at link)
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I just finished reading three articles talking about this and in two of them the authors were claiming that the White House supports this and that it has democratic support in congress too. This article does not. Does anyone know what the administrations position on this actually is?
