Financial Reform = Invasion of Privacy

The 2008 financial crisis had its roots in the housing industry with responsibility now being publicly laid at the feet of Goldman Sachs. Congress has apparently ignored Alan Greenspan’s testimony charging Congress with responsibility. No less than The New York Times has leveled charges at Congress for culpability and using Goldman, at least partially, as a scapegoat.

 

The financial regulation drafted by Senator Chris Dodd does not address Fannie Mae or Freddie Mac. It does create another government agency with power to acquire real-time data from every ATM machine and deposit account at every US banking institution.

 

Theoretically, federal bureaucrats will recognize a developing financial crisis and proactively intervene for our own good.

 

Theoretically, the government does not lose control of its data bases or misplace thousands of laptops with confidential information.

 

Theoretically, we still believe fairy tales.