Ex-NYC Mayor Mike Bloomberg on Dodd-Frank: “The Government Should Have Let the Industry Craft the Bill”

Screen Shot 2014-11-12 at 10.35.10 AMThis week has been the week of the ill advised oligarch quote. It all started quietly enough, with Las Vegas Sands CEO and crony Republican godfather, Sheldon Adelson, expressing his disdain for both journalism and democracy, all in one quaint little conference in which participants debated how quickly and how severely Iran should be bombed into the stone age.

Then we had the architect of Obamacare, the consummate oligarch minion, Jonathan Gruber, admit that the law was deliberately crafted deceptively in order to fool the “stupid” American public.

Never wanting to be outdone, ex-NYC mayor, Mike Bloomberg, had to get into the mix. Bloomberg is my favorite sort of oligarch. One so opinionated and completely un-seflaware that he is constantly opening his trap to blurt out stupid shit. You could almost make a career out of chronicling all of his incidents of verbal diarrhea. In fact, some of my post popular posts have revolved around just such a pursuit, including classics such as:

Former NYC Mayor Michael Bloomberg Calls Colorado a “Rural and Roadless” Backwater for Challenging his Gun Control Agenda

Colorado Rejects State Tax Increase Supported by Former NYC Mayor Michael Bloomberg

Incredibly, Mayor Bloomberg Claims Whites are Overly Victimized by “Stop and Frisk”

Another Day, Another Temper Tantrum from Mayor Bloomberg

Mayor Bloomberg Wants to “Reinterpret the Constitution” After Boston Bombings

Believe it or not, I’ve written even more pieces about him, but I don’t want to clutter this post any more than it already is; particularly when we have new material from Bloomie.

At an annual meeting put on by Wall Street’s largest lobbying group, the Securities Industry and Financial Markets Association, or SIFMA (which recently contracted to pay ex-NSA head Keith Alexander $600k per month), Bloomberg blurted out the following according to the New York Post:

The Dodd-Frank regulations put in place after the financial crisis are “stupid laws” that the banking industry will just ignore anyway — just like Mayor Bill de Blasio’s new 25-mile-per-hour speed limit, the financial data company CEO and former New York City mayor said on Monday.

“The world adjusts to stupid laws,” he said at an industry conference. “They just don’t pay attention to it and you get burned later on. That really is what happens, like a 25-mile-an-hour speed limit.”

Instead, the government should have let the industry craft the bill and let Congress “tweak a little bit,” he said.

The annual meeting, put on by the Securities Industry and Financial Markets Association, had Wall Street’s biggest names, from Securities and Exchange Commission Chair Mary Jo White to Morgan Stanley Wealth Management President Gregory Fleming — widely considered one of the leading candidates to be the bank’s next chief executive officer.

In any event, the whole thing is a joke, as Dodd-Frank has done nothing to rein in unethical bank behavior and market rigging. Nevertheless, it is very important to understand how these oligarchs think, since they are the ones actually crafting all public policy in this country. Bloomberg believes the people who ruined the U.S. economy and got trillions in taxpayer bailouts should be able to write the bill intended to regulate them.

That’s all you need to know.

Oh, and here’s the always brilliant John Oliver delivering his own hilarious opinion on Bloomberg:

In Liberty,
Michael Krieger

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5 thoughts on “Ex-NYC Mayor Mike Bloomberg on Dodd-Frank: “The Government Should Have Let the Industry Craft the Bill””

  1. Bloomberg, like most of Congress and House who have dual-citizenships have loyalties to only Israel. Bloomie did nothing to bring justice to NY for the WH and Silverstein attacks on NYC.
    It was Bush WH and Silverstein and Mossad that did 9/11 Attacks on the US. No Iraqis were ever involved. CIA confirms. See: CIA Asset Susan Lindauer 911 Truth on Youtube, and reports on Veterans Today. All of Congress knews/ knows and only two try to do anything about that.

    Reply

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