Word: protectionism
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No, it’s not because we love Sigur Rós (though who doesn’t like that DVD of the Icelandic pastoral paradise?), nor is it because we adore Iceland’s lovely arctic fox. Our newfound love of Iceland is due to the protection...
On Tuesday, the Icelandic parliament proposed the strongest journalist-protection legislation on the face of the earth. If the measure passes, it would be the most robust combination of source-protection, freedom of speech, and libel-tourism protection known to man.
But when it comes to financial products like mortgages and credit cards, you can't be sure of any of those things. That's the basic case for a Consumer Financial Protection Agency (CFPA), the centerpiece of President Obama's push to reform financial regulation. (See the financial crisis after...
The argument is that finance has become a Wild West of outrageous hidden fees, ridiculous fine print, deceptive come-ons and secret side deals designed to sucker us into predatory rip-offs we can't afford or escape. And the CFPA is supposed to be the new sheriff in town...
Wall Street is lobbying furiously to try to block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some...