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Can someone explain the provisions of the new financial reform bill to me?

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kingofkings92 Posted: Mon, Jul 26 2010 8:05 PM

Since I really don't feel like leafing through 2,300 pages of unreadable, barely decipherable, incoherent government gibberish that disgraces and besmirches decent English and all those who can write it - besides, the 1,400 pages of Rothbard's 'Man, Economy and State' that I just started is, as far as reading marathons go, quite enough for me at the moment - I'd really appreciate it if someone would explain to me just what the hell is in this new financial "reform" bill and why it will undoubtedly be such an unmitigated, abysmal disaster, not only failing to prevent any future depressions/recessions but even exacerbating them, both in severity and frequency. Before anyone criticizes me for jumping to conclusions due the content of the last part of my previous sentence, let me briefly state what I do know about this bill: that it will give the Fed even more power to counterfeit, inflate, depress and debase our money and start up even more dreaded business cycles; that it will, sadly, likely be a precursor to even more fatuous regulatory legislation after our economically retarded politicians blame the future calamities they blindly engineered on the market, the "failure of capitalism," or - my personal favorite - "corporate greed," or some other mindless shibboleth depicting things as being as remote from what they are in terms of facts or truth as the North Pole is remote from Hell in terms of temperature; that it will engender more spending, waste and debt we'll never repay and push the country even deeper into a practically bottomless financial and fiscal pit. That much I understand just from knowing that the bill gives the Fed more power and from understanding Austrian Business Cycle Theory. What I'm interested in is specifics: Why will this happen? What is the exact chain of cause and effect that this will kick off?

Basically, what I'm asking everyone here to do is to kindly make a donantion to my personal intellectual armory. Since knowledge is free and intangible, all contributions are appreciated. Thanks, everyone!

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Before anyone criticizes me for jumping to conclusions

It\s safe to jump to that conclusion without so much as reading it.

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