BUBBLING BARNEY BUBULA

Our Hero was back up on the Hill again today, and this time the reception of far different. He had the Congresspeople practically eating out of his hand. Barny was just sssooooooo happy. Our Hero told them all that things had to change in a whole bunch of different ways and they, the Congress, was going to be the ones to change it. Now we all know that Congresspeople love nothing more than fixing things through legislation...wait, that's not quite true: they love fulminating in front of a tv camera about issues unknown to them even more but that is neither here nor there. Our Hero was speaking of an entirely new regulatory order: I thought Barney was going to run down and kiss him (boy, wouldn't that be a story) he was so pleased. The Secretary proclaimed that the regulations in place left the regulatory agencies ill-prepared for the events of the past year and things simply had to change.

Now I suppose you might be wondering if any of the Congresspeople asked him what the hell he had been doing for the past five years: no. You might also be wondering if Our Hero got specific about what was needed: no. You might have noticed that he doesn't do much of that. But it's going to be BIG and everybody is going to have a shot at it and in particular, we have to find a new regulator for those entities that are not banks and those that may, in bad times, pose systemic risk. What a sales pitch: "Come bank with us because we are a systemic risk bank and are being watched Veeerrryyy closely!" ...Or not as the case might be. But just think of that poor banking CEO who must come home on that first night and gather his loving family a adoring little gray-haired mother around him to inform them that he is not the CEO of a systemic risk. The wailing, the tearing, the humiliation. Oh, the humanity!!!

Unfortunately, I was able to watch the entire performance, but early on at least, Our Hero was on a real reach; his main full of wind and his shoot practically practically breaking the sheets (little nautical theme there). In fact there was so much wind in that room...never mind. I'm going to read up tonight and tomorrow on what I missed and be back with a few additional thoughts. Sorry for being short. Mazel Barney.