In the end, and over the years, we would have people at this table lauding the innovation occurring in the financial services marketplace, how it enhanced liquidity of our markets, how it allowed our economy to grow.
Pomeroy reflects on the misguided praise for financial innovation leading to economic collapse.
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It is really on its face absurd. And I appreciate very much the leadership of this Committee in giving us these kinds of fora to have us sit in the sun and dissect it a little bit.
The rhetoric is a little overblown against this bill, as it was the first time it was before us, as it was when we passed it on final passage. The fact is, this bill spends billions less than the last farm bill. This bill increases the…
Well, we now know the truth. It grew like a great big souffle. It was air, over-leveraged air; and it collapsed.
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