Wednesday, July 21, 2010

It's a Start


WASHINGTON — President Barack Obama signed into law Wednesday an overhaul of banking and Wall Street regulations that he says will end many of the practices that sent the U.S. economy into the worst recession since the 1930s.

The legislation gives the government new powers to break up companies that threaten the economy, puts more light on the financial markets that escaped the oversight of regulators and creates a new agency to guard consumers in their financial transactions.

Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees and assessing risks"

Republicans, on the other hand, had another description for them: "communism."

Like I say, it's a start, but in the end I'm afraid that it won't mean much until you are as likely to end up in prison for this kind of corrupt scam as you are for burglary.

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