I've noted previously that we really need to reform the derivatives market. Unregulated derivatives trading helped get us into the current recession. Even arch-conservative blogger John Walker agrees that unregulated derivatives are dangerous. Walker cites this article from the Washington Times (you know, the conservative Moonie paper) that refers to derivatives as "the fiscal equivalent of a weapon of mass destruction" and chides the "generously lubricated lobbyists for the unrestricted, unsupervised derivatives markets [who] tell congressional committees and government regulators to butt out."
Of course, Walker's ideological blinders are screwed on so tightly that he doesn't actually call for reform; he just uses the article to reinforce non-sequiturally his delusion that President Barack Obama is a lying communist. Never mind that President Obama is advocating derivatives reform. Never mind that Congressional Dems are pushing for derivatives reform harder than Walker's GOP.
I can't help wondering if Mr. Walker would rather see financial reform fail and the whole economy collapse again, just so he could fling more insults at the President. Sigh.
Shake off those blinders—support the President's call for regulating derivatives!
Midco Aquatic Center Big Success so far - I am actually glad to hear this. Like I said at the council meeting, I hope the place is so successful we don’t have to subsidize it with tax dollars. As I...
9 minutes ago