The Unbroken Window

The major problem with government intervention in Money and Banking over the centuries has really been the fact that each new round of regulation is laid over the existing pool of regulations – themselves typically responsible for the crisis that triggered the call for new regulation. So while I was sure that whatever the Obama Administration proposed for additional financial regulations would be draconian and restrictive, I was originally optimistic that at least it would attempt to do away with existing horrific regulations. I was wrong. More change we can believe in!

Those proposals have fallen by the wayside, the sources said. Instead the administration increasingly is focused on adding new layers of regulation on top of old.