Congress Threatens to Sow the Seeds of Our Next Banking Crisis

William Black wrote Congress Threatens to Sow the Seeds of Our Next Banking Crisis.

"Spencer Bachus (R. Ala.), the incoming Chair of the House Financial Services Committee, told the Birmingham News: 'In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.'

Ron Paul (R. Tex.), asked to comment on Bachus' statement, said: 'I don't think we need regulators. We need law and order. We need people to fulfill their contracts. The market is a great regulator, and we've lost understanding and confidence that the market is probably a much stricter regulator.'"

Sigh.