For the “Say What?” File – Wall Street Demonized for Financial Crisis but Is OK to Give FCC OK on Its Net Neutrality Regs

by Mike Wendy on April 6, 2011

As part of the process to vote on a House Resolution of disapproval of the FCC’s new Net Neutrality regulations, House Members yesterday squared off against each other, debating the merits, and demerits, of the FCC’s new rules.

Representing those against the Resolution was millionaire, Jared Polis, a Democrat from Colorado’s 2nd Congressional District.  He believes that the openness of the Internet needs protecting, and the FCC’s regulations represent a balanced approach to do so, allowing all companies – including network providers – to prosper and innovate on the Internet.

Without getting into the weeds on why Net Neutrality is bad for the Internet (this site is filled with them, as you may know), one thing that really gets under my skin are quotes like this:

[Rep. Jared Polis] defended the FCC’s work, citing Wall Street investment reports that suggest the commission’s rules have “eliminated any threat of regulatory overhang.”

The irony here is rich.

His side of the aisle has demonized Wall Street as the primary cause of the financial crisis.  In fact, Polis himself has gone on record, laying blame at Wall Street’s feet, as here, here and here, reflected in order below, show:

…In order to encourage investment, we must give investors peace of mind that in the event of a fraud they have some recourse.  Due to limited protection available to them, many investors realized significant financial losses as result of investment frauds, the most infamous of which was the Madoff Ponzi scheme. In my district in Colorado, the dreams of a comfortable retirement from a lifetime of work or a college education for their children were stolen from my constituents….

…The housing market has been devastated as the house of cards built on Wall Street crashed down onto Main Street…

…This Fall, the House will be debating a comprehensive package of reforms to our financial services industry. These reforms will guard against systemic risk and prevent many of failures of regulation and business operating that caused this recession, while giving you the consumer the tools to decide which financial products are best for your needs…

So, now we should believe him, and those similarly inclined, when he says the FCC’s Net Neutrality regulations are OK because Wall Street says they’re OK, too?

Politicians and principles – I guess they go together like oil and water.

How rich.




Previous post:

Next post: