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View Diary: Senator wants to use gambling laws to regulate Wall Street (211 comments)

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  •  gambling and insurance is the heart (2+ / 0-)
    Recommended by:
    bink, gjohnsit

    of the issue.

    The whole reason big financial companies need special political connections is because the activities they engage in, gambling and insurance, are two of the heaviest regulated activities in the country.

    The fancy schmancy acronyms of financial 'innovation' of the past couple decades are little more than cheap parlor tricks to sell insurance and make bets while circumventing insurance and gambling regs.

    In fact, I would challenge someone to name any financial innovation in the Reagan-Bush era that was not about circumventing regulatory limitations but was actually beneficial for the consumer.

    The reason they talk about how complex high finance is is to keep people from asking uncomfortably simple questions, to brow beat people into submission by saying they just don't understand, it's too complicated for their pretty little head to worry about.

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