Saturday, June 26, 2010

The Poodle's priorities

A super-tanker skimmer known as the A Whale, capable of collecting 500,000 barrels of oily water a day, is en route to the Gulf, but its owners have not been assured that it can join the surface clean-up effort. Some members of Congress have criticized the administration for not moving faster to ask for international skimming fleets to help corral more of the slick.
June 26, 2010 (LPAC)—After negotiating into the wee hours of Friday morning, the House-Senate conference committee run by Bailout Barney Frank and Sen. Chris Dudd agreed on a Financial Reform bill which left Wall Street breathing a sigh of relief at having "dodged a bullet," as Bloomberg put it.
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Predictably, bank stocks rose today in response to the news, including a 3% jump for Goldman Sachs. Equally predictably, President Obama praised the bill, saying it is 90% of what he had proposed.

How dare they criticize Her Majesty's poodle for neglecting the US physical economy? Barack the Magnificent has been busy with other things, such as ensuring that "financial reform" is to Her Majesty's liking. It is so far, and he and Fannie Frank are passing out Vaseline to the rest of Congress, and telling them how the "free market" likes it. The great poodle plans to sign the bill on Independence Day as the supreme example of saying one thing as he does the opposite.