The plan, which would broadly expand the Federal Reserve's powers, comes as concerns about the housing crisis and its fallout in the financial 
system continues to fuel calls for change in Washington. The Paulson changes, if enacted, would be largely invisible to consumers but would drastically alter how the financial services industry is regulated.
"Government has a responsibility to make sure our financial system is regulated effectively," Paulson said. "And in this area, we can do a better job."
But the Treasury chief was cautious to warn that changes could take "many years to complete."
Oh good! Yet another knee jerk reaction! That's exactly what we need. How about we all just let the economy correct itself like it's supposed to?
People who make risky investments or loan out money to people who can't pay it back should go bankrupt! That's it! The rules that are currently in place are adequate.
This country's economy has been fine for the past 80 years, yet, because people need a fucking security blanket and a pat on the head like a child, all of a sudden we need government intervention and bailouts of poor performing companies?
No one is making my mortgage payment. No one offered to "bail" me out when I was on the verge of bankruptcy many times during my 20's. I was told a big "tough shit" when people knew of my fiscal health. So, I sucked it up and worked extra hours to make ends meet.
Everyone expects you to stumble a little bit when you're starting out in life. But if you're going to trot out a 40 year old woman who lives better then most Americans and tell a sob story about how she went from $70k a year to the food bank in TWO MONTHS, you can't expect the responsible people in society to feel sorry for them, let alone, have their tax money being used to bail them out.
This is just a knee jerk reaction by politicians who's irresponsible constituents want them to "do something".
Travis
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