Comment Re:IANAL ... (Score 1) 224
"Banking laws historically have been among the most useful of all laws."
No laws are useful if the government refuses to enforce them. Leading up to 2008, they weren't even enforcing laws against fraud being perpetrated by bankers. They were definitely ignoring rampant securities fraud with the CDS and MBS stuff. In the midst of the disaster, the FDIC refused to follow its "prompt corrective action" mandate. Government also refused to investigate and prosecute thousands of instances of forgery, perjury and the filing of false affidavits related to the mortgage loan mess. Utter and complete fail by the government.
I'd rather have an unregulated system and knowingly accept the risks than have a federal government "regulated" banking system where you never know if the regulations will be enforced. I guarantee that if we had a free market banking system, I'd be earning more than 0.25% on my money market accounts. How good are federal banking laws when everyone who saves is being robbed on a daily basis?