The bank gets to make unilateral changes to our contract, and we don't. The bank has a staff of Ivy League-educated Masters of the Universe to dream up new fees and tricky ways to disguise interest rates, and we have about eight minutes, between getting home from work and making the kids' dinner, to decipher the mail. No surprise: The bank wins.Unwilling to spend more than "about eight minutes" dealing with its financial matters, the board would prefer to grant a government official expanded powers over financial institutions. Unable to understand the contracts that it signs, it simply throws its hands in the air and naively believes that regulators will protect them. Just like those regulators prevented the housing bubble and the meltdown on Wall Street.
It would be fine if the editorial board wanted to cede control of their finances to someone else. What isn't fine is that it wants to force everyone else to do the same. They project their own inadequacies on the rest of us.
The Chronicle would have us believe that the financial crisis was caused because individuals are too damned stupid and greedy to be trusted to make decisions without government oversight. The Chronicle would have us ignore the fact that government officials are individuals, and they can be just as stupid as anyone. In fact, given the state of the economy, a very good case could be made that they are more stupider.
But this isn't about intelligence. It's about power. Just as health care "reform" was a blatant power grab, financial "reform" is an attempt to seize more control over the economy. That some--such as the paper's editorial board--would willingly give away control over their own lives goes a long way toward explaining the success of those attempts.