Peter Schiff Blasts Chris Dodd and His Plan to Create Super Regulatory Agency

" “Existing regulators had all the powers they needed, and more, and they failed miserably to foresee and prevent this crisis. Chris Dodd is now asking us to put all our eggs in one basket and trust a ’super regulatory agency.’ He should know better than to centralize power in the hands of Washington bureaucrats – it’s precisely the arrangement that caused our current problems. I think most Connecticut voters know that we need fewer czars in Washington, not more. As long as Fannie and Freddie and Congress are meddling with the economy, changing the structure of the regulators is basically rearranging deck chairs on the Titanic. “Dodd’s proposal takes regulatory authority away from one unaccountable institution and gives it to another even bigger one. This will not solve our problems.”"