Saturday, March 28, 2009
Geithner said Thursday that President Obama's administration needs to impose "not modest repairs at the margin, but new rules of the game" for America's banks, finance companies, insurers and hedge funds.
The only problem is, the old rules of the game were set by the very people in Congress who will set the new ones. This means the new rules likely won't be much of an improvement — if any.
The irony of this, of course, was pointed out by political scientist Michael Barone, who notes the bank bailout plan unveiled by Geithner earlier this week actually relies heavily on mostly unregulated companies to bail out regulated ones.
Now, Geithner wants control of even those unregulated companies, though they're guilty of nothing other than being successful....