mind your business

Friday, May 25, 2012

Senate Banking Investigation of JPMorgan to be Headed by Former JPMorgan Lobbyist

By: Wes Messamore

I got really mad for this one:

This is why regulation never works. Those in charge of doing the regulating must have industry-specific knowledge of what they’re regulating in order to be of any use, which means the government inevitably ends up recruiting regulators who came from the industry they’re supposed to be regulating in the first place. In order to be well-connected enough to become a powerful Washington regulator, these bureaucrats are usually culled from the biggest, most-entrenched, establishment-friendly corporations from within that industry, creating a regulatory bias against the little guy, against entrepreneurs and upstarts that create jobs and innovate to create wealth. Regulation is fundamentally and necessarily a corrupt process and a mere extension of corporate America’s lobbying arm, an extension with the power to do more damage because of the more direct influence over policy and because it has the aura of objectivity and the ascendancy of allegedly being out to protect people rather than simply garner more favor and advantages for the wealthy, well-connected few. This isn’t just my theory, it’s a plainly observable reality...

at The Silver Underground.

Wes Messamore,
Editor in Chief, THL
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