Too Much Red Tape? No Problem.. Lets Regulate It!

cartoon-regulatory-octopus

America became a world power thanks to free marketsWashington obviously doesn’t understand this, because the boys on the Hill keep throwing around ridiculous rules and regulations.  Dodd-Frank is one of those ridiculous laws.  It’s 848 pages in length and many parts require more clarifications, some of which are hundreds of pages long.  To put this into perspective, Dodd-Frank is 23 times longer than Glass-Steagall.  Most of the rules mandated in Dodd-Frank are not even finalized yet, so financial institutions have to constantly prepare themselves for the new rules that come into play. 

Both parties in the United States have their agendas and both keep piling on new laws. The party on the right restricts people’s rights for “security” while the party on the left expands the unsustainable welfare state.

Politicians are just men behind desks.  They think they can fix all the ills of society, but in reality they are making everything even more complicated. Instead of attempting to come up with every potential scenario and coming up with complicated rules for these scenarios, the kids in government should focus on creating simple ruled that everyone can understand and follow. 

Written by: Toma Karamanolev

Source: http://www.economist.com/node/21547789?fb_ref=activity

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