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<< 90 Congressmen Demand Cintas Agree to Card Check | Main | More Tax Breaks for Rich >> July 11, 2003GOP Federalism Hypocrisy- Screwing InvestorsWith a name like the Securities Fraud Deterrence and Investor Restitution Act of 2003, given the Orwellian labelling of bills by the GOP, you know this bill approved by a House panel is bad news. But the federalism hypocrisy of the GOP just marches on with this bill. The core of the bill is that the Securities and Exchange Commission, rather than possessing concurrent enforcement powers with states to defend consumers from fraud, would now have monopoly rulemaking power. Essentially, if the Bush administration wants to leave an Enron alone, the states would essentially be powerless to defend against fraud. Worse, what it also says is that if Wall Street passes a rule policing itself through the New York Stock Exchange, no state can enforce a tougher rule on behalf of consumer protection. Read that sentence again. Whatever regulation Wall Street wants for itself, even if the SEC doesn't have a rule on the issue, would bar the states from an alternative regulation. The outrageousness of this bill is hard to believe, but par for the course at this point. Posted by Nathan at July 11, 2003 09:53 AM Related posts:
Trackback PingsTrackBack URL for this entry: CommentsThis is comically interesting attempt to destroy investor confidence. Posted by: MattS at July 11, 2003 08:57 PM "they came for the gypsys....." Posted by: critter don at July 12, 2003 06:25 PM COLUMBUS, Ohio - Jerry Springer, the talk show host who put wife-swappers, strippers and skinheads on the air and then watched the punches fly, will file papers to run for the White House as early as Friday, advisers said. Springer, 59, a Howard Dean Democrat and former Cincinnati mayor, will not decide whether to actually run until later this month, said Mike Ford, his political adviser. Springer is airing 30-minute infomercials across the nation to raise money and build support for his possible run for the Democratic nomination next year. The infomercial, paid for by Springer, is part biography and part fund-raiser. The ad seeks small donations and offers T-shirts, bumper stickers and CDs of Springer singing ``rockabilly'' music. The infomercial also addresses potential problems by Springer's talk show, known for its profanity, fistfights, cheating spouses and incestuous relationships. Top Dems have expressed concern that Springer is likely to drain votes from supporters of Howard Dean, known for having similar interests and intellects. The infomercial focuses on a comment by National Review commentator Jonah Goldberg on a Sunday morning talk show several months ago. Goldberg warned of new people brought to the polls by Springer, including ``slack-jawed yokels, hicks, weirdos, pervs and whatnots.'' ``A half-hour infomercial doesn't wipe out what he's been doing for a decade,'' one expert said Thursday. ``All it does tragically, albeit accurately, identify left Democrats with his level of entertainment.'' Posted by: ralphie at July 13, 2003 03:15 PM yep---this bill is pretty disgusting--you can call it the Spitzer evasion act. It is truly a shame that this story isn't getting more play in the media. As for the Jerry Springer reference--I am sure everyone else has noticed that this "article" has made it to the comments at every left-leaning blog site. The freepers seem to be attempting to distract people. Posted by: dickchanee at July 13, 2003 04:16 PM Post a comment
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