People are in denial about Barack Obama. Read this and then the whole article by Bill Black. He is not overstating the insanity.
The only place I disagree in the common sense meaning of that term (not the metaphysical) is when Bill says the perpetrators are not morons but clever. No matter how crafty the wicked, wickedness is moronic. It's a dumb choice, as all of the unrepentant wicked will find out once it's too late for them to avoid paying for the evil rewards they receive in the here and now.
The Obama administration and Congress still worship at the temple of the faith-based economics that has caused our recurrent, intensifying financial crises. When the temple's high priests (the Dallas Fed's leadership) become apostate the politicians should shed their dogma.
The tenth form of insanity is that the JOBS Act's primary theme is dramatically reducing transparency in securities law. If there is any nearly universal principle that writers about the ongoing global crisis emphasized that we needed to learn it was the exceptional virtue of transparency. Greater transparency makes private market discipline possible, it greatly enhances regulatory effectiveness, it discourages fraud, and it aids investors in making decisions. The JOBS Act repeatedly embraces opaqueness. We have known for millennia that this increases fraud.
For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
John 3:20 – 1769 Oxford King James Bible 'Authorized Version
William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist, a former senior financial regulator, and the author of The Best Way to Rob a Bank is to Own One.