Well, the Congress passed an over 2000 page monstrosity designed to regulate financial markets. The thing is that virtually none of the members, as with the similarly huge ObamaCare bill, has ever read it.  In fact, there is a lot of language that says essentially, "To be determined later by regulators" meaning that the bill itself is an outline and the actual rules are not even spelled out in the gigantic law.  Essentially the bill is a list of goals and dreams but the "how to" portion will be defined by unelected bureaucrats with the help of lobbyists (who are all smarter than the bureaucrats) who will con them into putting in sweetheart deals for the  various concerns that they, the lobbyists, represent.  This is called "Crony Capitalism".

Wow, are we in for it.  This bill is going to go down, mark my words, as the new version of the Smoot-Hawley Tariff Bill that kicked off the Great Depression.  Congress is nothing, if not adept, at making bad things worse as they pass laws to cover up their own complicity.  By this I mean that they, the Congress, have been trying to sell the idea that the mortgage collapse that kicked off this recession was a result of too lax regulation on the part of the evil and all knowing George W. Bush.  In this myth had only the Congress done its job and had enough regulation none of this crisis would have happened.  This is, of course, a fairy tale.

The real cause of the mortgage collapse was the Congress passing laws and rules forcing the quasi-governmental entities, Fannie Mae and Freddie Mac, to make tons of loans to people who could not afford them in the name of the "right" to own a home.  Then when, quite predictably, the whole awful mess came crashing down what did the Congress do?  Shut down the offending entities and get their own house in order?  No, of course not.  Instead they made those entities bigger than ever and have continued to use them to artificially support the housing market for the time being in the hope that the whole mess would sort of clear itself up over time.  It's not, the mess is still there and growing, and the two biggest idiots of them all in Congress, Barney Frank and Christopher Dodd, men whose own culpability in this mess is only exceeded by their glib denials and obfuscation coupled with real arrogance, are the ones who led the charge on this new bill.  We should all be very, very worried.

The fox is guarding the henhouse.  Run for your lives!