Obama Leadership Fails in Phony 'JOBS' Act
NEW YORK (TheStreet) -- Lately I've been wondering who has more reason to be annoyed with President Obama -- Republicans and conservatives, or the Democrats and progressives who are, supposedly, his "base" (in the sense that they, uh, got him elected in the first place). It seems to me that if you more or less fall into the latter category, you've got a lot more reason to be annoyed with the president than if you belong to the former category.
What has gotten my mind twirling in this direction is a simply atrocious piece of legislation that is grinding its way to passage on Capitol Hill. It's called the Jump-Start Our Business Start-Ups Act, which the president has endorsed.
Like a lot of bad legislation its title is positively Orwellian. Honestly, folks, I just don't know where to begin, this bill is so bad. John Coffee, a prominent securities law professor at Columbia, has called it the "boiler room legalization act." That's because of its unbelievably naïve (at best) "crowd-funding" provision, which I dealt with in this column back in September.
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