December 17, 2014

TRANSPARENCY: No Author, No Law.

The reason behind Dodd-Frank’s rendition of this common requirement is straightforward: If Wall Street conglomerates are able to use our bank deposits — which are meant to be kept safe — in addition to their own money to gamble on speculative derivative instruments, then (a) there will be much more gambling of precisely the kind that brought us the 2008 crash; and (b) we taxpayers, rather than Wall Street, will cover the losses that the next crash occasions. We will, in other words, be bailing out Wall Street all over again — socializing losses even as Wall Street continues to privatize gains for itself.

This is, of course, perfectly disgusting. But what is yet worse is that no one will “own” it — presumably because it is so disgusting. We still do not know who inserted the provision, nor do we know why. All that we know is that whoever did it did it both (a) surreptitiously, apparently in hopes no one would notice, and (b) at the last minute, in connection with a continuing resolution cum omnibus spending bill, apparently in hopes of holding continued government operation itself hostage to the provision’s getting through.

Perhaps I am overreacting, but it seems to me that the way in which this provision has found its way into the cromnibus legislation is deeply subversive of our democracy. The aim, after all, is apparently both (a) to circumvent what would otherwise be a necessary agreement secured both transparently and free of budgetary time pressure, and (b) to render the party or parties whose consent is thus circumvented unaware of the guilt or identity of the guilty party.

Every provision of every bill should be directly traceable to individual members of Congress.

That said, so long as we’re in the current boat, could some InstaPundit reader who works on Capitol Hill insert language in the next debacle of a bill that retroactively frees me of income tax back to 2010, and gives me the right to commandeer federal jets for my personal travel? I’d kind of fancy taking Air Force One on one of my dive trips. Also, I’ll bet that would encourage better oversight in the future. . . .

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