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Sheila Bair Is Speaking In Tongues

There is one in every crowd. That one person the rest of the herd thinks is completely nuts and needs their head checked. For the financial regulatory reform flock, SheBair seems to be the black sheep. Since there have been no complaints whatsoever about the utilization of EZPass to get the TARP and the stimulus package approved, Barney Frank, Chris Dodd, and Timmy G are simply chomping at the bit to put pen to paper and get legislation passed ASAP. Since writing sweeping reform law about complex products at 200 mph has a long and distinguished track record of success, the three amigos probably figure if ain't broke, don't fix it. But somewhere in the din, SheBair is voicing her dissension and offering a dangerous thought experiment.

Bair, 55, said Congress should carefully study the options and hold more hearings. There are some areas where lawmakers clearly need to act and other areas "we still may be working through that maybe it would be better to take a deep breath and think about it a little more," Bair said.

She should know better. Did she not hear TG's warning that "time is the enemy of reform". That may be true, but before writing legislation for the sake of being able to declare political victory, there is something else the big 3 might want to consider: speed kills.
Wall Street Regulation Won't Be Completed This Year, Bair Says [Bloomberg]