The Obama Financial Reform creates jobs: for bureaucrats

Big Bureaucracy ^ | July 17th, 2010 | Ellie Velinska

[Big Bureaucracy]

The Financial Reform give the USA new bureaucracies of all kind: Advisory Committee, Office of the Investor Advocate, and of course the … the Bureau of Consumer Financial Protection that will include the Consumer Advisory Board.

It is not likely that the first-time home buyer will have the connections or the resources to influence who will sit on the Consumer Advisory Board. It is likely that the Wall Street will have the ability to lobby them.

It is not likely that the senior taking care of the retirement funds will go all the way to the Office of the Investor Advocate for consultation. It is likely that AARP will be lobbying there... Nobody knows what kind of hell the two thousand pages of new financial regulations will bring.

However everybody knows that in order to be protected from those regulations you have to have friends in the positions in the regulating agencies.

When finance is controlled by regulators, the first things to be bought will be the regulators... Politicians on the left sound like there were not any Consumer Protection Agencies in the Federal Bureaucracy.

There is a Bureau of Consumer Protection at the Federal Trade Commission.

Apparently the Bureau did not do a job good enough. We get the new Bureau. But what will happen to the bureaucrats from the old Bureau? Do the tax-payers have to feed and pay benefits to bureaucrats for two Bureaus that do the same job?

It is extremely difficult to fire a federal bureaucrat. Those sweet high paying jobs that the Obama Financial Reform creates are not temporary jobs like those for the folks with the shovels digging in the heat. Those directors and board members will have at least 5-year-term contracts.

Congratulations on the New Bureaucracy, America!

[The Great RJ]

Note that government jobs are totally non productive in the economy as they produce no goods or services sold in a market. For example adding jobs at the DMV produces no new businesses, products or services just more bureaucracy. Further these government jobs are a drag on the economy since they must be paid for with higher taxes and/or public debt which takes money out of the pockets of people who could grow the economy.

[Big Bureaucracy]

Absolutely agree! The government jobs - especially regulators jobs - are also an invitation for corruption - since they are dealing with other people’s money.