dimanche 8 février 2009

I have the worst Congressman in the country

Perhaps if voters in New Jersey's 5th district would get their heads out of their asses (and if the Democratic Party in this state would get its collective head out of its collective ass), we might be able to get rid of Scott Garrett once and for all.

Here's Garrett (by way of the tireless Matt Fretz) on how there's no need for additional SEC regulations to prevent another Madoff scandal:
There is discussion of "gaps" in our current regulatory scheme that need to be filled to prevent cases like this from happening in the future. I don’t believe that is the case. Each and every one of Mr. Madoff’s relevant businesses fell under the jurisdiction of one or more financial regulators. Given what we currently know about this situation, I do not believe there was a regulatory gap that needs filled with more, often excessive regulation. Rather we should be focused on ensuring that current regulations are being met and that proper oversight is occurring.


Isn't it funny how guys like Garrett always say that the existing laws are sufficient when it comes to things like guns and oversight of financial markets, but when it comes to things like oh, say, women's right to make their own decisions about their reproductive lives, he wants MORE regulation?

Garrett is so rigid in his ideology, which trumps everything else, that he never once stops to think of the impact of his intransigence on real people -- people like 90-year-old Ian Thiermann:
Retired businessman Ian Thiermann is back on the job working 30 hours a week as a grocery store greeter.

Like thousands of people across the country, Thiermann invested with Wall Street financier Bernie Madoff, who is accused of allegedly running a $50 billion Ponzi scheme. Thiemann said he has lost all of his $738,000.

With house payments and medical bills piling up, Theirmann said he had no choice but to go back to work for $10 an hour.


Garrett may be right that if the SEC is bound and determined to protect its own at the expense of guys like Ian Thiermann -- forced back into the job market at the age of 90 -- then no laws are going to change that. But I also don't see Garrett advocating a whole lot of consequences for the SEC for abandoning its supposed oversight role, either.

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