THE ISSUE: The financial-reform bill proposed by Sen. Chris Dodd and Rep. Barney Frank.
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In addition to massive stimulus spending that failed to stimulate the private sector, and health-insurance “reform” that actually sends costs upward and relies upon budget gimmickry to hide its true cost, we now have financial reform (“A Rotten ‘Reform’,” Nicole Gelinas, PostOpinion, June 28).
Instead of harnessing wild risk-taking and irrational lending practices, financial reform actually encourages them while penalizing the other guy’s fiscal “prudence” and caution.
There is no irony in the fact that Rep. Barney Frank and Sen. Chris Dodd fathered this latest 2,000-page tome. Their policies and inept oversight gave birth to the current recession, and now they’re setting us up for the next one.
Ray Arroyo
Westwood, N.J.
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That the financial markets need strict and careful oversight has been shown over and over again.
Sadly, the inventiveness of this great nation has been sidetracked into creating more risky ways of multiplying paper returns while producing nothing tangible.
The greed of the money men on Wall Street is coupled with a lack of scruples and ignorance of the possible consequences. Yet, as long as this phony money is printed in New York City, The Post heads the cheerleaders.
We need a return to responsible trading practices. Since Wall Street has demonstrated itself to be unwilling to do it voluntarily, I applaud Congress for making it compulsory.
S. Chinn
Manhattan
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The House Web site is so complicated that even with my Gen Y technological skills, the only thing that I came across was immeasurable frustration.
The sad thing is that America has become so desensitized to this bureaucratic jumble that even those who wrote it can openly admit they don’t understand it.
President Obama is at fault. Where is the change and the promised transparency? Wasn’t he supposed to conquer “politics as usual” and reform Washington and the way it does business?
Joel Kuzniecky
Birmingham, Ala.