Another Oversight Council?! by Barbora Misakova

We watch. At least we try to watch. Every move that is made and every word that is said is watched. But in reality, all that watching is worthless when bad moves are made and bad words are said anyway. All those “oversight councils” we established in the past learned us nothing. We are relying on these watching apparatuses instead of thinking twice. Instead of teaching our children to be honest rely on someone or something else that should control their behavior. And in this way the worst bureaucratic procedures were created. And these procedures can always be avoided especially when people were not raised well. This is just the case of new banking and consumer ! protection bill that is awaiting President Barack Obama’s signature. As senator Richard Shelby of Alabama pointed out, the bill is not “real reform” because it doesn’t address the problems of mortgage giants Fannie Mae and Freddie Mac and what is more it will create a massive bureaucracy. Among the first impacts of the bill will be the immediate creation of a 10-member Financial Stability Oversight Council which should keep watch over the entire financial system. Obama now has one year to create a new Bureau of Consumer Financial Protection which will have vast powers to enforce regulations covering mortgages, credit cards and other financial products. But will it change anything? Will it take the time back and save the world from the last economic crisis? No, of course not, but I hardly believe it can save us from another one.

related story (sgx17851): http://news.yahoo.com/s/ap/us_financial_overhaul;_ylt=AkdwYF...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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