Attorneys, insurers and real-estate agents aren't the only ones exempted from the bill's consumer-protection provisions. The Farm Credit System, a government-sponsored lender that directly competes with banks, is excluded, too. Perhaps this should come as no surprise, because Fannie Mae and Freddie Mac, those crackerjack institutions at the heart of the mortgage meltdown, are also exempt. Worse yet is that Wall Street is exempted from the reach of the proposed consumer-protection agency -- its regulation will remain with the Securities and Exchange Commission, which proved itself asleep at the switch during this last period of financial shenanigans.
One point of comforting clarification - they were not "asleep at the switch," they were watching on-line pornography. And yes, bureaucrats just like that will soon be reviewing your medical records and auditing your insurance payments. What a country!
Instead of the Senate being the body that carefully deliberates and balances the whims of the masses...in this case, the "we hate Wall Street" flames that are being purposefully fanned, they are acting like a bunch of sans-cullote from the French Revolution. Meanwhile, the House, instead of being the "voice of the people" responding to majority positions, has become the Presidium of the Supreme Soviet, muscling our boy King's whims through to passage. Thus you end up with inanities like a Health Care "Reform" act that was supposed to control costs that has no control over costs. This is a fine sop they have made, pray that we can end it in November.
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