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Bill Isaac Embraces The Rule of Law

Posted by Larry Doyle on July 7, 2014 10:12 AM |

The overarching theme both at this blog and in my book is the need for our nation to embrace the rule of law as the prerequisite to healing our economy and leading to better days ahead.

Flouting the rule of law is regrettably an all too common pursuit by those engaged in crony and corrupt practices. Our nation suffers badly as a result.

While all too many politicians from both sides of the aisle spout forth messages that do little more than distract, the future of our country depends on finding new leaders who care nothing for cronyism and embrace the rule of law. I personally believe that in the recent Republican House race in Virginia Dave Brat slaughtered former House Speaker Eric Cantor with this very approach.

I will keep the commentary brief today but a smile crossed my lips this morning as I read an editorial in today’s Wall Street Journal by a Sense on Cents favorite Bill Isaac. This former chair of the FDIC wrote about the manner in which Uncle Sam has abused the rule of law in the process of managing our nation’s housing finance behemoths that go by the name of Fannie and Freddie.

Isaac concludes his commentary with similar pearls of wisdom that I used in writing the concluding chapter of my book. He writes,

. . .  there should be no disagreement about the law. Capital follows the rule of law, and if investors can’t count on that in the U.S. and in the housing markets, they will put their money elsewhere.

I fully concur.

Regrettably, though, Uncle Sam’s current administration shows little regard for the rule of law; subsequently, our nation’s markets and economy have become dependent on the mother’s milk provided by the Federal Reserve. The cost of that milk may be advertised as a zero per cent rate of interest for our nation’s banks but the real costs absorbed by average citizens especially within the middle class are increasingly expensive.

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

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