Quick Hit: “Reconsillyation?”

Can we expect good  financial legislation out of this Conference?

Members of the House of Representatives and the Senate are meeting to hammer out a financial regulation bill that will be legislation for the ages!

It’s doubtful given the make up of the selectees forming the committee.

The obvious deficiencies in the conferees from the Senate are well documented in the recent article, “Are You Shitting Me?

It’s a little more difficult to judge the predisposition of the House representatives involved in this process. There are more conferees from the House and they represent smaller, more local segments of the country.

But, if John Boehner’s smoke screen and Ed Royce’s opening statement are any indication of the direction the Republican’s are going we can’t expect much help ‘for the people’ from them.

Reforming Fannie Mae and Freddie Mac will be necessary as we exit this recession. The problems at the mortgage giants are enormous and must be approached in the near future as a pressing and separate issue. But, Boehner, Royce and Republican’s use them as a diversion from their complicity in the financial meltdown.

If Fannie and Freddie are a separate issue, why do they keep pushing to include them in this financial regulation bill that they already claim is too many pages?

Representative Ed Royce has voted, over the last two decades, for every legislation that caused the financial crises and the cause of most of the pain being felt by millions of Americans.

He, like the Minority Leader, covers up these legislative indiscretions by blaming the two pseudo-government mortgage companies for our financial problems. It’s time he manned up and was honest about his failures that helped create this financial devastation.

And then, another Boehner selectee is, ‘the apologizer,’ Representative Joe Barton of Texas, who may already be apologizing to the banks for the taxpayer’s insistance on re-regulating them “just because they wanted to make money.”

The question must be posed: is it silly to expect strong financial regulation out of this conference?

Considering those selected for the conferencing committee from both houses, if you believe that something good will come out of this process then I have a bridge in Alaska I’d like to sell you!

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