Financial Overhaul Worked Out
It appears the House and Senate Democrats have worked out their differences on the far-reaching Financial Overhaul bill, which is supposed to keep the economic meltdown from happening again. Call me cynical, and a bit frightened, but where have I heard this before?
“No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”
Awesome. Another 2000 page monstrosity that no one actually knows what effect it may have until it’s in place. This is the exact same thing we heard from Kathleen Sebelius about the health care bill; and so far, the reviews of that thing have been stellar. Good Lord…these are the people we have elected into office! They’ve had approximately two years to come up with something useful, and now that it’s done, they don’t even know what it will do. They’re all jackasses. Each and every last one of them. And there’s more.
A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.
Wow. Granted, I’m one of those people who believes the government sticking its nose into private business is usually a bad idea. But this is even worse, because what’s been created is essentially a rogue element of government that will have zero oversight by those we elect. The rogue element will then be let loose to arbitrarily set rules and seize any private business it feels is “failing.” This is what they used to do in the Soviet Union (except they were more honest about it). In other words, this is bad.
Take heart though. The bill still needs to be voted into law by both the House and Senate, so who knows what may still happen.