Lawmakers Cash In

There is nothing like a major reform bill to bring in the cash. Besides the fact that nothing in the way of financial reform has yet to emerge from Washington over two year from the collapse of Bear Stearns, the past few months have been a free for all money raising orgy as lawmakers head into election season. The financial lobby has uncorked all the expensive wine and is pouring it down to escape regulation of their industry gone amuck.

I just read this clip from a Reuters article:

U.S. House of Representatives Speaker Nancy Pelosi may wait until after the Memorial Day holiday to name negotiators to a bipartisan committee to resolve differences between House and Senate legislation to crack down on Wall Street, party aides said on Friday. Senate leaders are expected to appoint their conferees on Monday, Top U.S. Democratic lawmakers said they saw little difference between Wall Street reform bills passed by the House of Representatives and Senate and believe it will not take more than a month to reconcile the two.

Yea, its just two short sentences but they say it all. Drag this thing out to some time in June, maybe 4th of July so we can rake in lots more cash. The entire bill is looking more like a side show, full of goons and other spectacles to make the public think something is getting done. Meanwhile, the efforts to prop up the markets until this thing passed has failed miserably.

If we could only get just a bit more cash...