Just in time! (again)

Paulson reviewing financial regulation
By JEANNINE AVERSA, AP Economics Writer
26 March 2008
WASHINGTON - The crash of Wall Street's once mighty Bear Stearns underscores the need to bring investment houses under the kind of federal oversight that has long been given to commercial banks, Treasury Secretary Henry Paulson said Wednesday.

In a speech to the U.S. Chamber of Commerce, Paulson said the Bush administration will soon release just such a blueprint in an effort to promote a smoother functioning of financial markets.

What happened to "the market works perfectly" and "regulation stifles innovation"?

Hasn't Paulson heard? Republicans don't like government regulation. St. Reagan proclaimed government is never the solution. Is he now an apostate? Will he be formally excommunicated? Will his future rehabilitation require penance?

... and what about mark-to-market accounting? Doesn't Paulson realize that it's the root cause of all the trouble?

Poor W has quite a lot to do in his last 10 months in office. He might have to start working weekends!