Monday :: Feb 23, 2009

Better Late Than Never, Chuck

by Deacon Blues

After years of Christopher Cox looking the other way when investors were being set up for a huge fall, it's good to see that even GOP senators want the Obama SEC to be more aggressive. The inevitable consequence of lax or no regulation is a pendulum swing back to aggressive regulation that even GOP senators support, such as Chuck Grassley.

Optimally, Grassley would have raised a real stink about this when Bush was in office, and pushed Bush and Cox to really stop the Bernie Madoff's of the world, but that would have required Grassley to have guts. Instead he's waiting until there is a Democratic president to force the issue, so that Grassley can spin this to his benefit and blame Obama for the next set of calamities while Grassley positions himself for an "I told you so" moment, even though Grassley failed the test himself.

Whatever. If GOP senators suddenly have found God when it comes to regulatory oversight of investments and banking, Obama should take that, triple the SEC's budget, and turn them loose.

Deacon Blues :: 6:57 AM :: Comments (6) :: Digg It!