JONATHAN COHN JULY 21, 2010
I apologize for interrupting the discussion of journalism conspiracies, real or imagined, but did anybody else notice that President Obama just signed the financial regulation bill? From the New York Times:
The signature achievement--a response to the 2008 financial crisis that fundamentally alters the relationship between Wall Street and the federal officials charged with regulating it--is a culmination of two years of fierce lobbying and intense debate over how to deal with the financial excesses that tipped the nation into the worst recession since the Great Depression.
The law subjects more financial companies to federal oversight, regulates many derivatives contracts and creates a panel to detect risks as well as a consumer protection regulator.
Or, to put it as Vice President Biden might, it's a Big F***ing Deal.