Taking a page out of the same playbook that brought you TARP, Timmy G is trying to get the Consumer Financial Protection Agency approved before lawmakers have an opportunity to give the plan the traditional cursory reading. After a relentless fear campaign against every instrument of risk under the sun, Geithner believes his window of opportunity to get wide reaching legislation passed without a second thought is right now. In the words of Rep. Carolyn Maloney, “He gave a very strong argument to move quickly on it while we have the political will to make it happen”.
While the legions of banking lobbyists fighting the CFPA may take some comfort that even Democratic lawmakers want to give this thing a second look, time really may be running out. If the administration starts talking about green shoots turning to yellow weeds and the S&P 500 cooperates and sheds another 100+ points, the temptation to cage the financial product predators using any means necessary may be too great for the DC crew.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
come on people – how about some love here?
- greg
I’ll give you some love alright.
-The Geit
There must be some magical properties to the number 12…
http://online.wsj.com/article/SB124707160919912621.html#mod=testMod
“Dreier Seeks 12-1/2-Year Sentence”
“Under the federal sentencing guidelines, Mr. Dreier, 59, faces a possible sentence of 145 years — “until age 204,” the filing states. Mr. Dreier pleaded guilty to charges related to fraud and money laudering related to a scheme to sell bogus promissory notes to investors.”
How ’bout the Consumer Fed Protection Agency?
There it is…. it’s magnificent…. it’s MAGNUM!
More shotgun legislation, I love it, just more loopholes to exploit.