Spencer Bachus, the likely new chair of the House Financial Services Committee, has announced that he is planning to use whatever powers he can to gut the Dodd-Frank financial reform bill. Why? According to the Financial Times, Bachus “expressed concern that shareholders of Goldman Sachs and JPMorgan Chase will be hurt because the banks will be less profitable.”Criminentlies, can't they wait even a heartbeat before they start selling out their base? Whatever happened to subtlety? Or is this some kind of squeal-like-a-pig maneuver on the part of our great financial services industry--not only dominate, but humiliate? Who's your daddy? Ha? HAH?
Update: Maybe this is just Bachus' attempt to head of Ed Royce. Hey, I can grovel better than he can! Lookey me! Channeling that same link,compare the gravely magisterial tone of Dan Crowley, formerly Newt Gingrich's general counsel, and to all appearances the man who tells Bachus when to jump, and how high:
I am confident that Spencer Bachus will be the next Chairman. The bottom line is that you don't fire your front line commander when he has been effective under fire. In my opinion, Bachus deserves a medal, and the chairmanship.Trans: thanks, Spence. And by the way, pick us up a latte on the way back. We'll pay you later.,
Update #2: I should have been reading my Rortybomb more carefully.
Update #3: Rand is on board.
Update #4: I'm just not gettin' it. Eliot Spitzer says that it was the Wall Street bailout that killed Obams. And I think he must be right. So--?
Update #5: Mark Thoma is more temperate.