July 7th, 2010
06:00 PM ET

Answer to reforming Wall St. another 68 govt. studies?

FROM CNN's Jack Cafferty:

It's a joke… it's not funny… but it's a joke.

When it comes to reforming Wall Street, Congress decided a big part of the solution is ordering up studies. Lots and lots of studies.
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CNNMoney.com reports the Wall Street reform bill - which passed the House last week, and will likely pass the Senate soon - orders various government officials to conduct 68 studies. 68.

The topics of these studies include ethical standards for financial planners, short selling, improved insurance regulation, private student loans... making it easier to sue lawyers, accountants and bankers who help commit securities fraud and on and on and on...

Lobbyists for the financial sector insist that since the bill is so far-reaching, it requires more studies... adding that it's better to take time to do a study than to make a quick decision and get it wrong.

That's one explanation. But don't kid yourself. Ordering studies is what politicians do when they don't have the guts to make difficult or unpopular decisions. See the general theme of studies is to delay or kill - it's a strategy taught on K Street - that's where the lobbyists make their home.

The worst kinds of studies are those that don't require any follow-up or deadlines - and many of these in the so-called financial reform legislation are in that category.

And if you'd like to know how much all this so-called studying will cost - don't bother asking. Congress didn't appropriate any money for the 68 studies nor did they break down how much these 68 studies will cost. It is past time for the revolution.

Here’s my question to you: Is the answer to reforming Wall Street another 68 government studies?

Interested to know which ones made it on air?


Filed under: Government • Wall Street
July 7th, 2010
05:00 PM ET

Fed. govt. suing Arizona instead of enforcing its own immigration laws?


Activists participate in a 24-hour vigil outside the White House to protest the imminent new immigration law in Arizona. (PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

It's unlikely the federal government will do anything meaningful anytime soon about immigration; but that hasn't stopped them from suing Arizona for actually tackling this crisis.

The Justice Department lawsuit charges that the Arizona law cracking down on illegal immigrants is unconstitutional.

The federal government says that the state's immigration law conflicts with the federal law - that it would disrupt immigration enforcement and violate the rights of innocent Americans and legal residents.

Arizona's governor, Jan Brewer, calls the lawsuit "nothing more than a massive waste of taxpayer funds," saying the money could be better used against violent Mexican drug cartels. And she has a point.

Meanwhile despite President Obama's repeated calls for bipartisan immigration reform, senior Democrats say they see virtually no chance of Congress taking up such a bill before the midterm elections. No surprise here - wouldn't want to toss around a political hot potato and vote on tough issues before an election.

And - while the federal government twiddles its thumbs, the cost keeps piling up on us, the taxpayers.

A new study claims that harboring an estimated 13 million illegal aliens is costing $113 billion a year. That translates to about $1,100 for every "native headed" household in America.

The report - conducted by an outfit called the Federation for American Immigration Reform - shows the most money goes toward schooling the children of illegal aliens.

Critics describe the group - which aims to end almost all immigration to the U.S. - as "extremist" and they say the report is inaccurate.

Here’s my question to you: Why is the federal government suing Arizona instead of enforcing its own laws against illegal immigration?

Interested to know which ones made it on air?


Filed under: Government • Immigration • Law Enforcement