How many voters are aware that the Senate reform bill would clamp down on "angel investors" -- wealthy individuals who invest in startups with few regulatory guidelines. From Google to Facebook, it was angel investors who undertook the initial risk.
What is appropriate risk? Well, who else but politicians and bureaucrats, both genetically disposed to avoid risk, could be better judges? That is the kind of micromanaging Washington is proposing. Would it not make more sense for government to disentangle itself from the market (and the bailouts), enhance transparency and simply enforce the rules already in place?
Instead, Democrats have boiled down this intricate and wide-ranging legislation into a false choice that pits Wall Street against families. Our attention is to be diverted by a show trial of Goldman Sachs -- which, as far as I can tell, is accused of betting against the housing market just as Fannie and Freddie were incentivizing failure -- to gin up anger.
No crisis ever is wasted. And for those reflexively averse to risk, profit and markets, this is an opportunity like no other.
We need financial reform. What we're being offered, it seems, is another piece of command-and-control legislation fast-tracked to avoid the midterm elections -- and honest discussion.
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