Monday, April 26, 2010

Getting The Job Done

Looks like the Senate GOP has managed to at least temporarily halt the rush to pass Obamafinance. The Repubs say they want a bill, and everyone still seems to think that a bi-partisan bill will eventually emerge. In the meantime, Chris Dodd is engaging in one last bout of whining for the cameras:

“We are as vulnerable as we are today in the waning days of April 2010 as we were in the fall of 2008 when we saw what happened to our economy,” said Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, who is the primary sponsor of the legislation. “Nothing has changed, except, of course, jobs have been lost, homes have gone into foreclosure, retirement incomes have evaporated, housing values have declined. Almost $11 trillion in household wealth has been lost.”

Mr. Dodd continued, “Now, that’s what’s happened in the last 18 months, but we have yet to stand up and address what caused that to happen in our country, to fill in those gaps, provide the regulation, put the cops on the beat.”

Wah. Wah. Look, Doddy, I've survived the Crash of '08, the Little Depression, 9/11, the bursting of the Internet Bubble, the end of the Cold War, and the Space Shuttle explosion. Come back when you have a real emergency to complain about. Anyway, I don't know if the Senator from Wall Street, who is leaving office in November because he couldn't be re-elected, is the right guy to be the pointman on this effort; but inappropriate spokesmen have been one of the hallmarks of the era of Bailouts, I guess.

In the meantime, Arnold Kling offers his Ideal Financial Reform:

The overarching principle I have is that we should try to make the financial system easy to fix. The more you try to make it harder to break, the more recklessly people will behave. By reducing the incentives for debt finance and for exotic finance, you help promote a financial system that breaks the way the Dotcom bubble broke, with much lesser secondary consequences.

Why do I get the feeling this is the last thing on anyone's mind?

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