kunstler.com/clusterfuck-nation/punking-ourselves-to-death/
The so-called Volker Rule for
policing (ha!) banking practices, approved by a huddle of federal
regulating agency chiefs last week, is the latest joke that America has
played on itself in what is becoming the greatest national self-punking
exercise in world history.
First of all (and there’s a
lot of all), this rule comes in the form of nearly 1,000 pages of
incomprehensible legalese embedded in what was already a morbidly obese
Dodd-Frank Wall Street Reform (ha!) and Consumer Protection (ha!) Act of
2012 that clocked in at 2000 pages, not counting the immense rafts of
mandated interpretations and adumbrations, of which the new Volker Rule
is but one. These additions were required because the Dodd-Frank Act
itself did not really spell out the particulars of enforcement but
rather left it to the regulatory agencies to construct the rules — which
they did with “help” of lobbyist-lawyers furnished by the banks
themselves. That is, the lobbyists actually wrote the rules for
Dodd-Frank and everything in it, which means the banks wrote the rules.
Does this strain your credulity? Well, this is the kind of nation we
have become: anything goes and nothing matters. There really is no rule
of law, just pretense.
One word...Pathetic.
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