Yes, Ayn Rand could have used an editor to cut at least a third of the book, and maybe John Galt is a little too perfect, but don’t ever again say that the antagonists in Atlas Shrugged — the looters, moochers, regulators, and the incompetent economic royalists — aren’t lifelike.
Hell, the bad guys in Atlas Shrugged actually come off better than this lot.
Bend over cause here it comes.
The legislation would redraw how money flows through the U.S. economy, from the way people borrow money to the way banks structure complicated products like derivatives. It could touch every person who has a bank account or uses a credit card.
And then this.
The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.
Incompetence? Oh yes. We have it in spades.
“No one will know until this is actually in place how it works,” (says Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate.)