Moreover, the financial reform bill gives regulators the power to pick winners and losers, institutionalizing their ability to decide “which firms to rescue or close, and which creditors to reward and how.” Does anyone doubt that firms with the most lobbyists and the biggest campaign donations will be the ones who get seats in the lifeboat? The president is trying to convince us that he’s taking on the Wall Street “fat cats,” but firms like Goldman Sachs are happy with federal regulation because, as one of their lobbyists recently stated, “We partner with regulators.”
Sometimes it’s hard not to admire Sarah Palin. You need to have a pair of iron church bells swinging between your knees to pull off a crazy line like this, and she does it almost effortlessly. If you’re scoring at home, the idea here is that banks like Goldman actually want this regulatory bill because it will allow them to “partner with regulators,” i.e. team up with the government, to dominate the economy. This is despite the fact that Washington is currently flooded with financial services industry lobbyists who, in an attempt to kill this bill, are practically lugging suitcases full of money around to throw at the likes of Ben Nelson and Mitch McConnell.
The awesome thing about this is that it’s almost guaranteed to work with the people Palin is targeting. The Democrats here are going to suffer, deservedly so, for having taken so much money in the past from Goldman and banks like Goldman. That fact now allows transparent bullshitters like Palin — who incidentally supported the bank bailouts — to credibly argue that this Regulatory Reform bill is an industry creation