Ok, so I started writing a piece on the recent roll-back of Dodd-Frank rules. And I’m going to be honest, I spent about 5 hours trying to read shit about it – and I have no idea how this will impact us.
They didn’t roll back the protections I know I would be up-in-arms about (which are really the “Consumer Protection Act” and until this rollback I thought they were the same bill because I think I’ve always heard them talked about together). But, I pretty much have the philosophy that anything the Koch brother supports, I should probably oppose on principle.
I am concerned this deregulation will lead to bubbles. Bubbles like 1929 or 2008. I’m not going to try to reiterate the arguments – there are people way smarter than me explaining (or trying to!) the issues at hand.
What I’ve decided to say is this: Think about it.
Well, my question for anyone reading this is: who benefits? Who benefits from rolling back these regulations? Over 600,000 new homes were constructed & sold in 2017. I’m pretty sure the loaning business isn’t doing poorly. In fact… banks made record profits in 2017.
Damn. It’s like those regulations weren’t “slowing” business. Unless of course those regulations might have been preventing banks from doing shit “the easy way” (which I should write why easy =/= best). And what will their impact be? Another bubble? Do we really think banks learned from the 2007/2008 financial crisis? Do you?
Here’s my thing. I’ve been re-watching Parks & Recs for something “mindless and fun” and Ron Swanson is adorable. And his instance that people use capitalism as a be-all-end-all runs on an assumption that people work with some kind of ethics/honor. But they don’t. Throughout History there are a billion and five examples of someone being incredibly unethical.
- We wouldn’t need regulations if people could work with ethics/honor.
- We wouldn’t need these regulations if people weren’t acting with greed.
- We wouldn’t need any regulations if people weren’t stupid and selfish.
These things being unfortunate realities – we need some kind of regulation. I am as guilty of the next person of seeking the best deal even when I know that company is rotten. I’ve shopped at Walmart. I think they are evil, but damnit sometimes I just don’t have time and money and energy to go hunting the deal… and I need toilet paper now. I’m not proud that my own selfishness gets in the way of “the right thing” but it happens. Knowing Walmart isn’t allowed to employee 9-year-olds HELPS. And don’t kid yourself – pun intended – if it was legal Walmart would pay 20 cents an hr to 9-year olds to be cashiers.