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.
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?
No. But it's the answer to lulling the public to sleep while the Congress and their corporate masters walk away with our Treasury. Do we need any more evidence that the game has been rigged since FDR?
Carol in Northampton, Massachusetts writes:
As an erstwhile managing director of one of the largest banks in the world, I welcomed as many studies as possible. That would give me plenty of time to makes gobs of money, unfettered by annoying regulations.
If we don't vote a complete (that means, total) change of Congress in November, we deserve everything we get – including more "studies".
How much studying does it take to figure out that bankers and traders on Wall Street are greedy and corrupt? I'm pretty sure it's a no-brainer. Maybe they should conduct a study on how fed up Americans are with their huge bureaucratic bought-and-paid-for government. I'm sure the results would be mind-blowing.
Congress should authorize a study that examines the utility and feasibility of a nation firing an entire inept and cowardly elected assembly through a quick online vote. I can't say I have a plan for their immediate replacement but if we woke up tomorrow and there was no Congress, how many of us would really notice?
Phil in Florida writes:
Jack, we all know that Congress is OWNED by corporations and Wall Street. They MUST NOT hinder the money getting to the rich. Having "studies" makes it LOOK like they care.
I'll have to study that and get back to you.