New Economic Perspectives has the article Obama’s Latest Betrayal of America and Americans in Favor of the Big Banks: TISA by William K. Black. Naked Capitalism has an edited version that they claim is more readable titled Bill Black: Obama’s Latest Betrayal in Favor of the Big Banks: TISA.
The first paradox is that Obama, who cannot claim that he does not know better given the unanimous findings of his own FCIC appointees who investigated the causes of the crisis, is trying to recreate those causes, spur a race to the bottom among financial regulators, and make the causes of the past crisis global (rather than primarily limited to the U.S. and the EU). Obama, in the TISA draft, proposes to do everything that his own FCIC experts, white-collar criminologists, the top economists on the subject of criminogenic environments, and effective regulators with a track record of success have been telling Obama not to do for his entire term in office.
The demand for classified treatment makes it inescapable that the bankers and government officials involved in drafting TISA are trying to hide something they believe would outrage the public. The paradox is that the bankers’ and politicians’ rabid fear of disclosure to the public and Congress of TISA’s assault on regulation confirms beyond any reasonable doubt that subparagraph 2 of Article 17 and Article 20 combine to make TISA a grave threat to the global economy, workers, and honest bankers by making the financial world even more criminogenic.
For a long time, I have been wondering what makes Obama do some of the things he does. He is so far from the candidate that I voted for twice, that I refuse to give his causes any more financial support. Sometimes, I don’t even want to hear what he has to say.