Bloomberg News publishes an op-ed piece by Tim Duncan, who agrees with the Communist Party USA organ that Elizabeth Warren is the best person to head up the new consumer financial protection agency. Don't worry about her, Mr. Duncan advises:
Regardless of who is appointed director of the CFPB, there is no chance that the financial industry will be ignored. It spends tens of millions on lobbying annually, donates hundreds of millions to members of Congress and there are dozens of statutory and regulatory provisions preventing the adoption of whimsical or unnecessary regulation governing the industry.
Got that? Don't worry about whimsical or unnecessary regulations, because there are dozens of regulations outlawing whimsical and unnecessary regulations. If there's no need to worry, aren't the regulations banning whimsical and unnecessary regulations then themselves whimsical unnecessary, disproving Mr. Duncan's point? And why should it be necessary for an industry to spend hundreds of millions of dollars to defend itself from the government? Why would the bankers spend the money if there were really no threat?
