Sheep in wolf's clothing

Given the recent national financial mess – I was surprised and somewhat impressed that the Sec. Paulson and his team had advanced a plan for increased regulation (jump to Laissez Farewell).

You'd think I'd learn.

(H/t to CJR) The NYT pretty much takes apart Sec. Paulson's "regulation" and shows you what it is:

Although the proposal would impose the first regulation of hedge funds and private equity funds, that oversight would have a light touch, enabling the government to do little beyond collecting information — except in times of crisis.

The regulatory umbrella created in the 1930s would grow wider, with power concentrated in fewer agencies. But that authority would be limited, doing virtually nothing to regulate the many new financial products whose unwise use has been a culprit in the current financial crisis.

In response to a financial crisis where the Federal Reserve takes unprecedented action to stall a credit meltdown, the White House's money man burns the midnight oil to deliver a plan to – codify the same process that got us here.

It is the same pattern, seen over and over again. When this administration responds to Wall Street's latest &^%@!-up, big financial firms get fat checks, and consumers get lip service.

Oh, they'll provide the appearance of regulation, without the actual regulation. Heaven forfend the boneheads that got us into this mess actually have to open their books and own up to the risks they are taking.

Lord knows the end investors would never want to know information like that.

Way to go, Treasury.