Thursday, July 10, 2003

It is surprising how some myths simply refuse to die. That the Republican Party is the Party of "small government" and "fiscal conservatism" is a particularly egregious one that lives on despite all evidence. Another is that the Republican Party is the party of devolution and "state's rights". This one, too, is based on nothing but hot air as
a bill that would sharply limit the power of state securities regulators to police and penalize wrongdoing by brokerage firms and their employees was approved by a subcommittee of the House Financial Services Committee yesterday. . . . If passed, the bill would prevent states from imposing rules on the disclosures that brokerage firms make about the investments they sell. The measure would also prohibit state regulators from instituting conflict of interest requirements on brokerage firms, like those relating to stock analysts that 10 large securities firms agreed to last December when they settled with regulators and paid $1.4 billion in penalties and fines.
Regulation of financial services has always been in the hands of the states in the US, but now "conservatives" want to run roughshod over these traditional practices. If these myths just won't die, what are the chances that the American public will believe George W. is a liar?

Evidence is superfluous when there is dogma to defend!


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