Thursday, February 12, 2015

The Shock This Time...

Instapundit: "ED MORRISSEY: The Spectacular, Too-Big Failure Of Dodd-Frank. “One of the factors driving that consolidation was ‘economies of scale,’ the GAO found in an earlier study. The FDIC noted that was a particularly strong factor for banks that did more than $100 million a year in lending. Dodd-Frank actually made this worse, thanks to the massive amount of new regulation and its attendant compliance costs. The impact fell hardest on community banks, which made them less competitive and more likely to be consolidated.” Funny how whenever they roll out something that’s supposed to help the little guy, it winds up giving more money and power to Wall Street and the big banks.

Posted at 10:21 am by Glenn Reynolds "
And this one has the COTD:

Massive bills like Obamacare and Dodd-Frank are very lucrative for the Congressional staff that help the lobbyists write them. What they do to the economy or taxpayers is of no concern to these people. This Max Baucus staffer made a killing in the pharmaceutical industry and was a big player in the Obamacare train wreck:

--When the legislation that became known as "Obamacare" was first drafted, the key legislator was the Democratic Chairman of the Senate Finance Committee, Max Baucus, whose committee took the lead in drafting the legislation. As Baucus himself repeatedly boasted, the architect of that legislation was Elizabeth Fowler, his chief health policy counsel; indeed, as Marcy Wheeler discovered, it was Fowler who actually drafted it. As Politico put it at the time: "If you drew an organizational chart of major players in the Senate health care negotiations, Fowler would be the chief operating officer."

What was most amazing about all of that was that, before joining Baucus' office as the point person for the health care bill, Fowler was the Vice President for Public Policy and External Affairs (i.e. informal lobbying) at WellPoint, the nation's largest health insurance provider (before going to WellPoint, as well as after, Fowler had worked as Baucus' top health care aide). And when that health care bill was drafted, the person whom Fowler replaced as chief health counsel in Baucus' office, Michelle Easton, was lobbying for WellPoint as a principal at Tarplin, Downs, and Young.
Now, as Politico's "Influence" column briefly noted on Tuesday, Fowler is once again passing through the deeply corrupting revolving door as she leaves the Obama administration to return to the loving and lucrative arms of the private health care industry:

"Elizabeth Fowler is leaving the White House for a senior-level position leading 'global health policy' at Johnson & Johnson's government affairs and policy group."

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