A couple of items crossed my path Tuesday that reinforces my feeling that politics is a waste of my time.
First, I read an editorial in Barron’s about the financial services bill. In their opinion, it’s 2,300 pages of rules that will increase reporting requirements, but not solve any real problems. They compare it to the Sarbanes-Oxley bill that was passed right after Enron. Sarbanes-Oxley was a gold mine for IT consultants – it made me a lot of money for a while. But, did it really solve any problems?
Second, my friend Darrin commented on my previous post. In it he asked a very important question: do I trust Congress to write appropriate, effective laws? Well, based on my experience – no. I get enraged when I hear that they vote without even reading them. Of course, who would want to read them? I downloaded the health care bill (another poorly conceived 2000+ page group of new laws) and I couldn’t read it either.
So, I still believe that industry cannot regulate themselves, or control their instinct to make bad decisions to serve short-term profit motives. And, I now acknowledge that Congress (this Congress, at least) is not competent to write effective regulations. Where does that leave us? Doomed.