The WSJ did a piece today on Elizabeth Warren, the new central planner for the financial services industry. That’s not her official title, just a more fitting one. Warren will head up the new Consumer Financial Protection Bureau brought to you courtesy of Dodd-Frank. Her goal: to “make sure that there is a robust, diversified financial-services industry.”
This is great news. We have finally found a human being with unlimited knowledge, boundless foresight, and infinite wisdom who can create through regulation and rules such an industry. I wish her the best.
The assumption, of course, is the financial services industry is currently lacking in these qualities, and that only government can bring about the desired end state. Hubris.
ReplyDeleteIn a capitalist society, consumers, through voluntary exchange, decide which businesses live and die. But this long held tradition is about to be upended and the result will be predictable: less choice for consumers.
The worst part is she can appropriate 10% of the Federal Reserve system's combined earnings ($5.4 billion in 2009) at will. She is also not accountable to anyone.
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