Our congressman, Darrell Issa, was on CNN on behalf of Republican opposition to Wall Street reform. He began by regurgitating the unregulated market credo, “The public sector does very well without us most of the time.”
I’m amazed anyone can still be peddling that bill of goods after the market meltdown of 2008. Even Alan Greenspan, the high priest of unregulated markets, was forced to recant in the face of overwhelming evidence that Investment Banks by their very nature put profits over ethics, or anything else.
Issa then led the listener down the rabbit hole, a dizzying barrage of unsubstantiated accusations (reform could harm the markets, Goldman Sachs is being vilified by the SEC), irrelevancies, and that sure winner, changing the subject whenever the interviewer pushed back or asked for proof.
In short, Issa realizes there’s a problem but doesn’t support legislation because it’s imperfect, and wonders “whats the hurry?” (the answer being the threat of another Wall Street-generated collapse since nothing’s changed since 2008, no regulations have yet been put in place to police currently lawless aspects of the markets), then ends with the enigmatic “Government is at fault, but not part of the solution.”
The great thing about double talk is you can have it both ways. His bottom line: there’s a problem but let’s do nothing. At least he’s consistent, after protecting the interests of the big health insurance companies - Issa is now looking out for Wall Street.