Senator Dodd Pretends To Be Concerned With Banking Oversight.

http://online.wsj.com/article/SB20001424052748703457104575122023705041834.html
Dodd's Proposed Wall Street Rules Would Toughen Scrutiny of Banks

The political battle over rewriting the rules of Wall Street will intensify Monday when Senate Banking Committee Chairman Christopher Dodd is expected to introduce legislation tougher on financial companies than was expected just a few weeks ago.

The shift follows a push from the Obama administration, which sees a political advantage in pushing legislation taking aim at Wall Street.

Yup. That is the key to the Barack Hussein Obama administration. Is there any political gain? If so, go for it. If not, ignore it (I guess there is no political advantage for reducing unemployment or fixing the economy). Although Barack Hussein Obama's idea of what political advantage is, is quite different from what anyone except another socialist would think.

Of course this new legislation will be as worthless as all the other legislation that the typical politician promotes. I am sure there will be plenty of bribes in there to convince the politicians to vote for it. And I am sure there are no serious penalties if any criminal wrongdoing is detected. After all, who do you think contributes to the politicians election campaigns? What politician would ever pass a law that would discourage a political contribution his campaign?

Keep in mind, it was claimed that the S.E.C. was an organization that was set up to protect the public from fraudulent dealings on Wall Street. The S.E.C. seems to be doing a good job of protecting Wall Street from the investors who get ripped off with amazing regularity. The S.E.C. regulators were unable to find any wrong doing with Bernard Madoff, who had been defrauding the public for decades. Even insiders reporting the problem to the S.E.C. couldn't get the S.E.C. to do anything about the problem. Until the problem got so big that even a blind non-governmental auditor could spot the problem.

Also keep in mind that the banking meltdown was caused by government interference in the first place. The federal government ordered the banks to make loans to minority people who couldn't afford to make payments on their home loans. The government then allowed the banks to try to peddle off these tainted home loans. Nothing in the new legislation would prevent this from happening again. And again. And again. As long as the government has the ability to tell private businesses what they can and can not do, this kind of economic collapse will continue happening until there is no economy left to collapse.

So you can rest assured that this bill won't change anything at all in the way that Wall Street bribes the politicians. And the way the politicians respond to incompetence and corruption by the government watchdogs.