The US House passed The Financial Choice Act.
H.R. 10 is supposed to align financial services with the incentive to produce economic growth.
Since incentives naturally align with the fully assumed risk of loss, HR 10 is all about choosing what the risk really is by default. While I argue that choosing what the risk is — how it plays out — is an addjective reality, Objectivists in the House want us to believe that their interpretation of the risk (objective reality) aligns more with the natural order of things.
Many critics of HR 10 say it is too “libertarian.” The term refers to Koch-brothers Objectivism, represented by Tea-Party acitivists like House Speaker Paul Ryan.
The objective of the bill, HR 10, does align with Ayn-Rand Objectivism. Let’s keep in mind, however, that how the process plays out, to define the risk by default (referred to as systemic risk), is a notion of nature shared by tenets of both parties, Democrats and Republicans alike.
Dodd-Frank is junk. It is legislation written with the expert authority of Ivy-League bankers and passed by compliant, party hacks. Speaker Ryan, for example, says “It codifies too-big-to-fail.” However, at the same time, he says that consolidation of industry and markets is good, “depending on the market” — which is complete nonsense! It is not libertarian at all!
Randian Objectivists like Paul Ryan represent what is wrong with it. Ryan is saying, like Democrats, that consolidation keeps firms from going out of business (i.e., they become TBTF). This, of course has everything to do with how the risk “naturally” plays out in the FREE marketplace UTILIZING the measurable object of LIBERTY from the bottom up, not the top down.
Directing the risk from the top down is being described as “libertarian,” but it is a false construction. It is intended to restrict your liberty (deconstruct it) in the name of conserving it (consolidating it), which is complete nonsense!
Top-down management of the risk is considered by Democrats and Republicans alike to be the natural order of things by default.
The free market by default is mob rule, they say — it is chaos; but no, it is the measurable object of a self-assembly.
A free market EXACTS accountability. It naturally assembles (actualizes) the real, unlimited liability, which is an associative property, self-assembled, naturally emerging on demand, legitimately defining what the risk really is (being naturally aligned), chaotic as it may appear to be.
Accountability from the bottom up is an exact measure, aligning perfectly (directly!) with your “best interest” without the need for the alienating mechanics of government authority.
“You can’t sue the king,” so the saying goes. The naturally defined limit refers to the limited liability so-called libertarians say exists (naturally aligned) on demand.
HR 10 is supposed to remove the alienating aspect of government authority. Specifically, for example, the bill intends to eliminate the regulatory authority of Dodd-Frank to “orderly liquidate” firms that are TBTF. It would be much easier to just let the market decide, but that requires these firms not be TBTF.
According to its so-called “libertarian” sponsors, enacting HR 10 aligns with free, financial choice. It naturally aligns with economic growth, operating without the authority of the social contract, which is an arbitrary, inexact, and thus inherently unstable obligation, existing on command.