Stop Me Before I Vote Again

Wanna hear the sound of two heads conflicting? Well, you better go elsewhere than the beltway kennel of our reliable Orthri.

"But Owen!" you cry, "Check out this right here in the New York Record (American)":

Split Is Forming Over Regulation of Wall Street

WASHINGTON — As Congress and the Bush administration struggle to contain the housing and credit crises — and prevent more Wall Street firms from collapsing as Bear Stearns did — a split is forming over how to strengthen oversight of financial institutions after decades of deregulation.

The two heads on one body are faced with a major decider type node: whither hi-fi private capital next? After the latest series of pratfalls, pancakings and looter hike-takings, what's the best of all possible paths ahead -- keeping in mind, of course, the Street's timeless quest -- a pilgrim's progress if you will -- toward the ever-retreating shining optimality in the sky, that always seems but one shrewd incentive, just, just one balance sheet entry away in the iron pot of alchemic golden perpetuity.

Orthrus' two heads -- it would appear -- "strongly disagree about whether, after decades of a freewheeling encouragement of exotic new services and new players like hedge funds, the pendulum should swing back to tighter control."

A real combat?

No no no -- a thousand times no.

The lords of Wall Street fully realize they need to produce another ritual mouthwashing and hot-tub scrub show, to quench ignorant but red-hot helot wrath.

This domestic partners' spat between the two heads is merely to make it look like the new universal reg harnessing about to be fashioned and applied will be forced upon the mightily resisting stubborn know-nothing bad ole boys of lower Manhattan, because it's so full of sharp bits and tight cinches that once on and under firm weeble rep guidance -- why, the cuffs'll never ever again traduce aunt rentier.

To get a notion of what's in store for us, I suggest we all reread some prog hip version of the life and fast times of Nelson Aldrich Carter Glass and the origin of the Fed.