Make the jump»
What part of my citation from this story is dripping with irony? Take your time, but it should be easy to spot without too much hard work.
The president will announce a series of measures to cut down on excessive risk-taking as part of a revamp of the country's financial regulatory system, a senior Obama official said on Wednesday.
The move could also help the White House tap into public rage over Wall Street excess after Obama's Democratic Party was rebuffed by voters in Massachusetts, who elected Republican Scott Brown to the U.S. senate.
"The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the House and Senate to work this into legislation," the official said.
Did you see it? I'm sure you did, but being the incurable know-it-all that I am, let me point it out for you anyway:
"[T]he White House will work closely with the House and Senate to work this into legislation."
I hope this doesn't mean that they will go about this the same way they "worked closely with the House and Senate" to get a workable health care reform bill passed. Because if that's the case all I can see is another looming failure where certain Senators and Blue Dog Democrats hijack the process and turn the financial reforms the administration proposes into the same bowl of thin gruel that health care reform ended up as, thanks to people like Bart Stupak, Joe Lieberman, Olympia Snowe and Ben Nelson.
It's obviously slow around here, this season, a hopeful sign that people are doing good things with their families in preparation for the end of the first decade of the New American Century.
If only we might have preempted it just about a decade, or so, ago. Alas, the best thing we can do is an appropriate and probing retrospective in order to understand what we should have done differently and to plan for resolving how to do the next one better.
Rule 1, I think, is to ignore Dick Cheney and his network of mega-FauxNe(w)s.
Rule 2 is to 'follow the money' (see Rule 1) and Arianna Huffington makes a good point (a couple, actually) in her argument with Larry Krudlow, the GOP financial pundit @ CNBC.Make the jump»