Did you enjoy the dot-com bubble? Well, expect a replay on an even bigger scale, because last week President Obama signed a bill that, according to Matt Taibbi of Rolling Stone, "will very nearly legalize fraud in the stock market." The JOBS Act is ostensibly designed to make it easier for startups, particularly tech companies, to raise money, but it's actually a "sweeping piece of deregulation" that "appears to have been specifically written to encourage fraud."
Perhaps its most jaw-dropping provision exempts companies from independent accounting for five years. "This is like formally eliminating steroid testing for the first five years of a baseball player's career. … You'd better be ready to stick a lot asterisks in the record books." There's just no reason an honest company would want to do that, and would-be billion-dollar companies claiming they can't afford accountants "sounds like a comedy routine." This move should wipe out any Occupy cred Obama had, Taibbi says; "Boss Tweed himself couldn't have done worse."
Well here we go Obama fans. A huge pro big business bill signed into law by yours truly, President Obama. I mean the act will spur small business startups (hopefully) but at the top levels it doesn't work. The bill essentially allows large companies with upcoming IPO's (becoming a publicly traded company) to phase in SEC regulations instead of being slammed with them all at once. It's stupid. If you think the problem in the economy is that the government too strictly regulates business, you are insane. The problem is that the government can no longer control major companies and banks in America. So they run rough-shot on our politics and whatever else they want to get their hands in. Great, change the world my ass Obama.