Feds Not Reserving Anything

As the election of 2008 shrunk in the rear-view mirror, there was much speculation as to what particular programs/policies President Obama would be implementing–whether in the first 100 days–or at all. Various pundits and reporters talked about political capital, mandates, critical issues, and enough other stuff to make certain that the 24-hr news channels were always talking.

The reality? Setting aside the whys and wherefores, it seems as though the President and his men (and women) are striving to so fundamentally change the face of our society, particularly in reference to finance and banking, that it will be nearly impossible for a successive administration to correct the course.

Of particular and immediate concern is the list of new regulations and regulators which will be “helping” the Federal Reserve do such a stellar job of managing our financial systems.

Did I mention that the usual personally unaccountable suspects were already on board?

The president’s plan lands in the lap of a Congress already preoccupied by historic health care legislation, consideration of a new Supreme Court justice and other major issues. Still, Obama has set an ambitious schedule, pushing lawmakers to adopt a new regulatory regime by year’s end.

“We’ll have it done this year,” pledged Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee.

“Absolutely,” agreed Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

For all who would say that these “reforms” are necessary and overdue, please explain to me why individuals such as Obama, Frank and Dodd who have been so remarkably wrong on unemployment, stimulus, and related financial issues should be considered capable of pulling several more straws out of the financial pile without adversely affecting the whole?

No, this is further proof that our President is interested in redistribution of wealth (and redistribution of power) above any lip service which he might pay to the rule of law. One wonders when the FDR Supreme Court might actually step up and say “Enough” or if they’ve simply checked out for the duration.