Democratic Congress: A Still Dangerous Wounded Beast
"...however... even crippled, she will still be dangerous, like a wounded beast."
The financial reform bill will become law and here is the WashingtonResearch Group's take: "There is no way to view this bill as a positive for the financial sector." (You may view that as good, but it is not. No matter what animosities you may have toward banks and bankers, what hurts the financial sector hurts the economy and hurts job creation, which hurts us all.)
But the actual contents of the financial reform bill are not the big or most immediate problem. What is? The fact that a deeply unpopular President and an even more unpopular Democratic Congress, many of whom are unlikely to win reelection, are still seriously fucking with our economy. They are set to be shown the door, but for now they are still inside breaking shit. Take Chris Dodd. He is so unpopular in his liberal home state of Connecticut (not for policy reasons mind you, but because he is so offensive to most people's sense of decency) that he's not even running again, but this major reordering of a large sector of the economy, that will do major damage, is his baby.
Read one of my more brilliant previous posts here. In it I said "The fact is that even though this government is wildly unpopular, all of the prosperity damaging legislation seems to be getting passed anyway. Cap and trade is dead, huh? Businesses ain't banking on that rosy thought right now, the evidence says to remain fearful." That is the BIG DEAL behind this financial reform news - that a lame duck government continues strangle economic growth as its last and final act before they are booted off the stage. Actually, lame duck is not the right term. I believe that two things are baked in the cake 1) Dems lose one house of Congress minimum in November, and 2) Obama is a one termer. But it doesn't matter, enormous damage can be done and is being done before we get to escape from the one-party rule of anti-capitalists. Businesses and investors know this and are thus still in hiding, and so the economy will remain sluggish and the least skilled among us will continue to bear the brunt of the hardship. All we can hope for is that it doesn't get worse before it gets better but that is wishful thinking at this point.
UPDATE: Here is Dick Bove on the actual bill - not on the wounded beast phenomenon.
- Captain Jack Aubrey, Master and Commander, the Far Side of the World
But the actual contents of the financial reform bill are not the big or most immediate problem. What is? The fact that a deeply unpopular President and an even more unpopular Democratic Congress, many of whom are unlikely to win reelection, are still seriously fucking with our economy. They are set to be shown the door, but for now they are still inside breaking shit. Take Chris Dodd. He is so unpopular in his liberal home state of Connecticut (not for policy reasons mind you, but because he is so offensive to most people's sense of decency) that he's not even running again, but this major reordering of a large sector of the economy, that will do major damage, is his baby.
Read one of my more brilliant previous posts here. In it I said "The fact is that even though this government is wildly unpopular, all of the prosperity damaging legislation seems to be getting passed anyway. Cap and trade is dead, huh? Businesses ain't banking on that rosy thought right now, the evidence says to remain fearful." That is the BIG DEAL behind this financial reform news - that a lame duck government continues strangle economic growth as its last and final act before they are booted off the stage. Actually, lame duck is not the right term. I believe that two things are baked in the cake 1) Dems lose one house of Congress minimum in November, and 2) Obama is a one termer. But it doesn't matter, enormous damage can be done and is being done before we get to escape from the one-party rule of anti-capitalists. Businesses and investors know this and are thus still in hiding, and so the economy will remain sluggish and the least skilled among us will continue to bear the brunt of the hardship. All we can hope for is that it doesn't get worse before it gets better but that is wishful thinking at this point.
UPDATE: Here is Dick Bove on the actual bill - not on the wounded beast phenomenon.
posted by Donny Baseball at 11:54 AM
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