His words, not mine.
Sometimes I think Ben Stein should quit punditry and just go back to droning on about voodoo economics at Shermer High School.
Stein acts as if regulatory oversight of Wall Street has been non-existent up to this point. Is he kidding? Has he never heard of the Glass-Steagall Act of 1933? The Investment Company Act of 1940? The Sarbanes-Oxley Act of 2002?
Correct me if I’m wrong here, but there are already rules in place against corporate fat cats partying like ‘drunken frat boys’ with investors’ money.
So why do we need Barack Obama proposing another slew of byzantine regulations reiterating the illegality of corporate fat cats partying like drunken frat boys with investors’ money?
Cross-posted at Dan Cleary.