Chris Dodd in Hopes and Prospects


On Budget & Economy: Dec. 2009: proposed Consumer Financial Protection Agency

In theory, inherent market inefficiencies and perverse incentives could be overcome by efficient regulation. But the same deep-seated tendencies that concentrate wealth and power in private tyrannies reduce the likelihood of such steps. Dodd succumbed to Wall Street pressure & abandoned his financial reform proposal in Dec. 2009. One of its components was a new Consumer Financial Protection Agency intended to "crack down on abusive & risky lending practices that helped fuel last year's financial crisis.
Source: Hopes and Prospects, by Noam Chomsky, p.109 Jun 1, 2010

The above quotations are from Hopes and Prospects, by Noam Chomsky.
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Page last updated: Jul 19, 2011