If Only This Had A Chance

A new law rolling back the Dodd/Frank bill which forces banks via Fannie Mae/Freddie Mac to provide loans to people who really can't afford them is on the docket. In addition this bill would no longer provide bail outs to failing banks.

Who's behind this? The GOP and House Financial Services Chairman Jeb Hensarling, a Republican from Texas.

“In a phrase,” he said, summarizing the Republican plan in prepared remarks obtained by The Daily Signal, “we need economic growth for all and bank bailouts for none.”

"Hensarling blames Washington, not Wall Street, for that downturn. Hear, hear.

Of course the chances of this passing are slim even if it gets by congress because Obama, of course, would pocket the bill and that would be the end of that. In fact the President called the bill 'crazy' and expounded on why that it is so.

In response, Hensarling told the Daily Signal that "The ultimate goal of the left is to turn our large, money-centered banks into the functional equivalent of utilities so that Washington can politically allocate credit".

But there's hope. Should the next president be a Republican they would have a ready made plan that could be the first step back towards market based strategies to help turn the economy around.