Fascinating picture. Senator Dodd, and Rep. Barney Frank celebrate after reaching an agreement over the shape of a new finance reform bill.
It's appropriate that Barney Frank should be pulling his pants up after screwing 300 million Americans. Here is a guy who "didn't know" that a male prostitution ring was being ran by his boyfriend from the basement of his house, but knows how to reform our economy. Dodd, on the other hand, is the son of Thomas Dodd, of a former alcoholic senator who was censored by the senate for corruption. Chris Dodd has so far avoided prosecution and jail by announcing that he is not running for reelection.
The bill that democrats are about to ram through our throats contains 2000 pages of regulations that no one seems to understand how they will actually work and what their impact will be. But the most interesting aspect of this legislation is that it attempts to reform our economy without mentioning once Fannie Mae or Freddy Mac. This is the equivalent of performing surgery to remove a metastasized cancer and leaving the original tumor untouched.
For those who say that reform is needed to avoid another economic crisis, let me remind you that we live in a global economy. Those who want derivatives or dangerous speculation will do so with a laptop, pressing the enter key and conducting their businesses from Singapore, Hong-Kong, Panama or a thousand different locations that will welcome American investments. Wall Street does not have to be in lower Manhattan anymore.
The gambling industry is a perfect example. We prohibit Internet gambling in America, and millions of gamblers are playing from home in virtual casinos located in Costa Rica.
Can't wait till November. I just hope it wont be too late.