Reserve

Today's Charlotte Observer has an AP story that should concern us all.

FED REGULATION
Revamp of rules proposal debated
Plan to overhaul financial oversight is set for release today

WASHINGTON -- In proposing the broadest overhaul of financial oversight since the Great Depression, the Bush administration has kicked off a fierce debate. It pits those eager to revamp an antiquated system against an industry opposed to excessive regulation.

A complete overhaul is obviously needed, and has been for some time. Sadly, it took the economic recession those of us in the middle and working class have been feeling for some time to start pinching the pockets of those with the ear of the President for the crisis to be recognized. But is the same Bush Administration that not only engineered this economic crisis in the first place (not to mention oversaw the Hurricane Katrina rescue disaster) the best folks to be consolidating powers on their way out the door?