They do! And in this case, it’s a really, really, really bad thing. It’s always dangerous when Democrats act like Republicans on economic policy. It means there’s nobody looking out for ordinary Americans.
According to economist Simon Johnson, the JOBS act will usher in a new financial Dark Age for America.
I think the JOBS Act is dangerous and will prove a colossal mistake of historic proportions. When the Glass-Steagall Act was repealed at the end of the 1990s, it was also a bipartisan decision and the Republicans and Democrats were congratulating each other on removing an impediment to modernization. When Dodd-Frank attempted to then strengthen regulation, there was at least a year of deliberation over it. Comparatively, the JOBS Act was passed very precipitously. It’s really quite amazing.
Interesting to me is that outside of political people who wanted to push it through, there wasn’t much coverage. With a few notable exceptions, the media didn’t really pick up on it. When you have a bipartisan agreement and the press doesn’t have to take sides on it, it gets less engaged than when the sides are further apart. Bipartisan consensus can be a dangerous thing.
I really hate the Democrats sometimes…. Really, really, really hate ’em. When it comes to financial regulation, both parties have been captured by the “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”