A few days ago, Sen. Chris Dodd, the Connecticut Democrat who chairs the Senate Banking Committee, introduced a proposal to better regulate the financial industry. That’s a joke, inasmuch as the financial industry responded, by and large, with gushing approval, which ought to make ordinary taxpayers extremely suspicious.
However, House Minority Leader John Boehner sees even this little fillip — which seems designed far more to land the retiring Dodd a comfortable post-Senate sinecure in the industry he is purporting to regulate than it does to protect taxpayers — as an assault on the basic freedoms of bankers:
Boehner said he urged bankers not to be shy when meeting with the lawmaker staff members and to send a message that new regulations and taxes translates to into banks having less available for lending.
“Don’t let those little punk staffers take advantage of you and stand up for yourselves,” Boehner said. “All of us are hearing from our friends and constituents on lack of credit, you can’t get a loan, the more your government takes and taxes, the more regulations you have to comply with the more cost you have there and less amount you are going to have available to loan to customers.”
Cuz those poor, defenseless bankers have been helpless before the onslaught of rapacious congressional staffers. Nice to know, too, how much respect Boehner has for congressional staffers, some of whom work for him.
The bigger issue, of course, is: Will either the House or the Senate bill prevent another Too Big to Fail meltdown/bailout? And the answer is no. That’s the real outrage.