While You Were Sleeping US Lawmakers Were Crafting New Rules for Economy

The progressives know their days are limited, so they’re willing to do whatever it takes to enact the legislation necessary to fundamentally transform America. They stayed up all night coming up with a financial reform bill for Obama before he meets with G20 leaders. According to the Wall Street Journal, these new regulations will redraw how money flows through the economy. Something tells me there’s going to be a lot less money flowing.

After more than 20 hours of continuous wrangling, Congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill.

After months of uncertainty about how the U.S. would craft new rules, the agreement offers the clearest picture since the financial crisis of how markets and the government will interact for decades to come. The common thread: large financial companies are facing a tougher leash.

The bill is expected to have enough support to become law. Both chambers plan to vote next week. The margin in the House and Senate will likely be close because most Republicans are expected to oppose the measure.

If the bill passes, President Barack Obama is expected to sign the package into law by July 4. Thursday’s agreement also gives the president leverage going into a weekend summit of world leaders in Canada, where he will prod other nations to rewrite their rules.

“This is about as important as it gets, because it deals with every single aspect of our lives,” said Sen. Christopher Dodd (D., Conn.), a chief architect of the compromise.

Do you really want these people, these vermin, crafting legislation that will “deal with every single aspect” of your life? Chris Dodd also stole a familiar line from Nancy Pelosi.

“No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

These people are so predictable, and they say what we’ve been saying all along. Two sentences and Dodd summed things up perfectly. They don’t really know exactly what they’re doing, but they do know it will effect every aspect of your life and they needed a crisis to get it done. That’s the platform of the Democrat Party.

The bill is 2,000 pages, does nothing about Fannie Mae and Freddie Mac and includes fees and taxes on banks that will be passed on to consumers. When Rep. Jeb Hensarling (R-TX) said that every page of the bill will include unintended consequences, I think he missed the mark. The consequences are intended, and the only way to fix things will be more government.

Oh, and the WSJ article indicates the bill has the support of Senator Scott Brown.

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