President Obama Courageously Signs Financial Reform into Law Despite Possibility That Conservative Blogs Might Say Mean Things About It

Somewhat less sexy than seeing to the ruination of a woman's career in an effort to placate right-wing bloggers, but still somewhat significant, Barack Obama signed financial reform into law today…

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. A number of the details have been left for regulators to work out, inevitably setting off complicated tangles down the road that could last for years.

But "because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes," Mr. Obama said before signing the legislation. "There will be no more taxpayer-funded bailouts. Period."

Sounds good, but I don't know. I heard a rumor that a certain financial reform bill was going around town talking about how it didn't like white people. Don't know if it's the same financial reform bill or not. Maybe they should just go ahead and repeal this one now. Just in case.

Tags: Barack Obama, Financial Reform, House of Representatives, Senate