Canada’s government officials have unveiled a proposal to create a national regulator of securities, along the model of the United States. In the US, each state’s Secretary of State regulates capital markets whose reaches do not extend across state borders, while the Securities and Exchange Commission regulates capital markets that involve more than one state.
Similarly, the Canadian proposal would have a national regulator on top of the existing provincial regulators.
And Baines doesn’t like it.
That’s no surprise – longtime Baines readers understand that the bloke hates capital markets. His focus is always on failed businesses, which he fails to distinguish from fraud. Though he’s never said so, it’s clear from his writings that he thinks if only government (or journalists) could take over the decision from people with capital as to where, how and when they invest their money, the world would be a better place.
There’s no more telling comment than the way Baines closes today’s rant…
“That would be bad for all consumers.”
What have consumers got to do with investment, for heaven’s sakes? The answer is – they don’t. They have everything to do, however, with Baines true motive in all of this – advertising sales at the Vancouver Sun.