The Democrats have reconciled House and Senate financial legislation differences, crafting yet another 2000-page bill that no one has read. They're prepared to pass it next week:
After more than 20 hours of continuous wrangling, congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill.
Fannie and Freddie aren't much affected — the Socialist Democrats want to regulate everything except government. I'm guessing that their friends at Goldman Sachs and other liberal-dominated, generously-contributing firms will make out OK, too. As for the rest of the financial services industry, especially the little guys buried under a new mountain of regulations and red tape, and their customers — well, I suspect this observation is accurate:
"My guess is there are three unintended consequences on every page of this bill," Rep. Jeb Hensarling (R., Texas) said of the nearly 2,000-page bill.
If passed into law, this abomination will give the Obama administration yet another boot on the neck of yet another industry. Apparently, the Socialist Democrats aren't going to rest until they fulfill Orwell's dystopian vision of a boot stomping a human face forever.
They're calling this the Dodd/Frank Act. And they gave those two weasels, who share a significant portion of the blame for the housing bubble and resulting financial meltdown, a standing ovation.
Patrick Dorinson had the best comment about this that I've seen:
"But we have to pass the bill so that you can find out what is in it.”
– Speaker Nancy Pelosi on the health care bill, March 2010
"No one will know until this is actually in place how it works.”
– Sen. Chris Dodd, on House-Senate conference approval of financial reform, June 2010
“Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.”
