Reform: Treasury Secretary Tim Geithner's proposed sweeping reform of our nation's financial system puts the nation's banks, insurers and hedge funds under direct government control — where they least need to be.
Geithner said Thursday that President Obama's administration needs to impose "not modest repairs at the margin, but new rules of the game" for America's banks, finance companies, insurers and hedge funds.
The only problem is, the old rules of the game were set by the very people in Congress who will set the new ones. This means the new rules likely won't be much of an improvement — if any.
The irony of this, of course, was pointed out by political scientist Michael Barone, who notes the bank bailout plan unveiled by Geithner earlier this week actually relies heavily on mostly unregulated companies to bail out regulated ones.
Yeah...all that regulation is turning out so swell, we need lots more!
Meanwhile, in a limited example of speaking truth to power, Rep. Donald Manzullo (R-Ill.) proves that he values his country more than his popularity:
"Do you realize how radical your proposal is?" Rep. Donald Manzullo (R-Ill.) asked.
"It's not radical. . ." Geither began, before Manzullo interrupted him.
"You're talking about seizing private businesses and you don't consider that radical?" Manzullo replied, his voice rising.
Manzullo is trying to get Geithner to give details of the plan -- that's where Geithner got stung before -- but Geithner doesn't have them yet.
If the plan were not radical, Manzullo said to Geithner, "you would have answers to some of my questions, such as, what size business would be subject to this?"
Of course, Rep. Manzullo's questions are not even in the same league as this guy:
If I weren't already married....sigh. Just kidding, John!
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