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  • Derivatives Bill: It’s Less Bad, but Still Bad

    Two House committees this week approved derivatives legislation that composes a significant part of the Obama Administration’s Financial Services reform plan. Remarkably, for a plan crafted significantly by uber-liberal Barney Frank (Chairman of the House Financial Services Committee), the bill is notably less bad than the Administration’s original proposal, but … More

    More Bad News on Pay: Government Aims at the Wrong Target

    Not only do government wage controls not work, they usually backfire. Perhaps worse, like a lot of ill-conceived government schemes, they often punish the wrong people. The Federal Reserve yesterday announced a bank pay limits affecting every bank employee in America in (over)reaction to controversy to big bonuses at a … More

    Double Secret Probation

    The Obama Administration promised unprecedented transparency in its financial recovery efforts, including a gee-whiz $18 million web site, Recovery.gov. The problem is that the Administration seems addicted to secret back-channel orders to the private sector to obey, “or else”. Yesterday’s Wall Street Journal reports on a secret “memorandum of understanding” … More

    Independent Commission Win

    Since October Heritage has been writing about the need for an Independent Financial Markets Commission to look into causes and remedies of the market crisis. Now, thanks to Senator Johnny Isakson, the idea has been approved by the U.S. Senate in a remarkable 92-4 vote. The independent voices, and independent … More

    The Bailout Parade Continues

    First Washington decided auto makers needed bailing out, next it was auto parts suppliers, not to mention “too big” insurance companies. Now one Congressman is proposing federal bailouts for individual auto dealers. At today’s House Financial Services Committee hearing one Congressman floated a new proposal: Federal Floor Plan Financing. Auto … More

    Forests Need Shovels Too

    The left’s big search for ‘shovel ready‘ projects continues. The White House Bulletin reports that New Mexico Sen. Jeff Bingaman, Chairman of the Senate Energy and Natural Resources committee, “expressed concern that the economic stimulus package lacks sufficient funding for backlogged national park and water projects.” Actually, Bingaman went beyond … More

    TARP is Deficient Auto Savior

    My Heritage colleagues have already noted that the auto bail-out violates the terms of the TARP legislation by extending funding beyond “financial institutions.” It also appears the latest funding pledge to bail-out auto makers may have violated another Federal law, one normally taken quite seriously: the Anti-Deficiency Act. When Congress … More

    The Tweety Bird Defense

    Those who remember the Warren Court recall imaginative renderings of the constitution to expand criminal’s rights coupled with outright judicial hostility to police. The result was a national crime wave only recently curbed by new police techniques and more favorable rulings from the Supreme Court. Now that Barack Obama has … More

    Bailouts for Future Millionaires

    Is there nothing the liberals on Capitol Hill will not throw money at? MIT Professor Andrew Lo testified before the House Oversight Committee last week on the increasing gap between pay for finance and engineering graduates (hint, there is money in finance kids!). Not content to let high salaries solve … More

    The Hedge Fund Manager Who Cried Wolf

    George Soros has written three books warning of an impending financial crisis. He admits to being like the boy who cried “wolf,” adding he was right the third time. Assuming Soros was on to something all along, what is his next warning? Against overregulation. Here’s what Soros told the House … More