Bush Administration Proposes Most Sweeping Overhaul of Financial Regulation Since Depression

The Bush administration is trying to confront the credit crisis that has rattled nerves from Wall Street to Main Street by proposing wholesale changes in how Washington oversees the financial system. A plan set for release Monday would give new powers to the Federal Reserve so that the central bank serves as the system’s overarching protector of stability.

Great! The Fed has been doing the same sort of stupid stuff that it did in the late 20’s to try to artificially maintain a semblance of prosperity, so now the Fed is going to get even more powers to screw things up with. Just what we need! Not with the Fed shoveling cash out the helicopter door lest idiots who don’t think enough to stop themselves from gambling with their livelihood might lose out.