printAmong the 500 odd new regulations it imposes, the financial bill, all 2,300 pristine, unread pages of it, has just been passed by the Senate. As we surmised in April, and Bloomberg now confirms, the thing will,
” … create a mechanism for liquidating failing financial firms whose collapse could roil markets, a council of regulators to police firms for threats to the economic system and a consumer bureau at the Federal Reserve to monitor banks for credit-card and mortgage lending abuses. It also expands oversight of executive compensation and derivatives, contracts whose value is derived from stocks, bonds, loans, currencies and commodities.”
“Nowhere in the final bill will you see even a pretense of rolling back the endless federal incentives and mandates to extend credit, particularly mortgages, to those who cannot afford to pay their loans back,” notes Mark A. Calabria of the Cato Institute. “After all, the popular narrative insists that Wall Street fat cats must be to blame for the credit crisis. Despite the recognition that mortgages were offered to unqualified individuals and families, banks will still be required under the Dodd-Frank bill to meet government-imposed lending quotas.”
The title of this post is borrowed from the aptly titled article in the WSJ, which warns that “the legislation hands off to 10 regulatory agencies the discretion to write hundreds of new rules governing finance. Rather than the bill itself, it will be this process—accompanied by a lobbying blitz from banks—that will determine the precise contours of this new landscape … ”
The Managerial State in full force.
There were 60 YEAs and 39 NAYs.
The Republicans that must be thrown into the brier patch are Susan Collins, slow Olympia Snowe, and beefcake Scott Brown.
Snowe, Collins and Brown. No surprises here. Snowe and Collins have long been romanced and used by the Democrats. Brown is a known liberal kook whose only accomplishment has been to stick a sharp pencil in the eye of Democrats by winning the “Kennedy” seat. We know what snakes the Democrats are but the reason we are so deep in the political wildebeest dung in this country is because the Republicans won’t stand up. Also, if they don’t start getting it together the stronger, smarter Democrats will overcome their Obama disaster and win out this fall and in 2012 while the Republicans are still figuring out how to publicly denounce their own potential vote getters.
Snowe, Collins,and now Brown are all willful tools of the left from the Republican side of the aisle. So willfull,in fact, that they couldn’t even leverage their cooperation to force any compromise at all – like perhaps including fannie and freddie in the much needed “reform”. The evidence continues to mount, but we are still preached to by the talking heads that we need to embrace these moderates if the Republicans are to win a majority. Help me out, just what do conservatives win with that strategy? The same idiots will just as surely work against and defeat any majority we “win”. Run real, Rand Paul, Constitutional conservatives in all States. Win with a strong, clear and articulated message, and not by supporting useless, progressive idiots.