Puffery Personified

This article from the WSJ today quite correctly points out that in the quest to "fix" whatever went wrong, the Financial Regulation bill doubles down by giving the Fed, SEC,FDIC (and creates another agency just for fun) more power . None of these have exhibited anything resembling competency in this "crisis" but never mind these small details. The glaring omission is nary a mention of the real threat to the financial system- the GSE's Fannie Mae and Freddie Mac. The number of unintended consequences per page is likely greater than one (the bill is 2000+ pages of course).