Holy Crap, is this as bad as it sounds?

“Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.”

http://www.foxbusiness.com/markets/2010/07/28/sec-says-new-finreg-law-exempts-public-disclosure/

It . . . it can’t be true.

Over at Americans for Financial Reform, they said this bill would be a “Shining Light on Shadow Markets,” because “the $600 trillion derivatives market will now operate in the open, so regulators can catch problems.”

But there shall be no light on these regulators?

Huh.

A Milton Friedman quote comes to mind . . .

“Just tell me where in the world you’ll find these angels who are going to organize society for us?  Well, I don’t even trust you to do that.”

Well, maybe the SEC is run by angels, right?

Oh.  Nevermind.

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5 thoughts on “Holy Crap, is this as bad as it sounds?

  1. P. Henry Saddleburr 28 July 2010 at 9:04 pm Reply

    If that isn’t tyranny I don’t know what is. That’s a big F’Off from the Federalistas, sealed with a kiss. My friends, when do the signs and rallies turn into pitchforks and torches?

    They’re pushing us. Poking us. Prodding us.

    Glenn Beck tries to appeal for calm and I think he has a point.

    But there is a POINT where the people will not just say ENOUGH, they’ll have had ENOUGH and I fear for that day.

  2. Steve Dennis 29 July 2010 at 5:44 am Reply

    It appears to be true, it’s unbelievable isn’t it? This was supposed to make the financial industry more transparent but then it exempts the SEC. The fix was in, once again Barack Obama promises one thing but delivers another.

  3. KingShamus 29 July 2010 at 8:48 am Reply

    Heh.

    If the SEC is run by angels, I’ll eat Milton Freidman’s underwear.

  4. [...] nooneofanyimport Guest Author Lsguzy [...]

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