Statist Dream: Ten New Financial Regulatory Bureaucracies

Obama's liberal must be thrilled. The "financial overhaul" bill passed Congress and the government gets ten new oversight agencies to impact every nook and cranny of the financial sector. Let's just hope they do as great a job as they have done with Fannie Mae and Freddie Mac.

Just to show how extensive and unwieldy this bill is, JP Morgan has over 100 teams reviewing various parts of the bill. Even Chris Dodd says he has no clue how it's all going to work.

I have a feeling that the only banks who will be able to manage through this bill are companies that are too big to fail...