Congress Pulls All-Nighter to Pass Financial ‘Reform’; America ‘Dodd on Arrival’

Just like Nancy Pelosi’s pitch for Obamacare (“we have to pass it to know what’s in it”), Congress has set new financial rules and nobody will know how it will work until they’re implemented:

Key House and Senate lawmakers agreed on far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute deal making. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.

Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. — more than 20 messy, mind-numbing, exhaustive hours after they began Thursday morning.

“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

I want to get these slimy jerks on an airplane, lock them in, tell them the plane was manufactured by a bunch of guys with a history of shady dealings, no experience in the airline industry and who were up all night, tell them “nobody knows if this will work until we’re airborne” and see how many of these worms wet themselves when the plane starts taxiing down the runway.

It’s okay to do the economic equivalent to the rest of us though.

Drudge has an unsettling photo taken after the all-nighter:


Barney hasn’t looked that frumpled and exhausted-yet-satisfied since he exited the Castro Theater after a marathon screening of La Cage au Folles in 3-D.

The tentative plan is to have the “Dodd-Frank” bill ready for Obama’s signature on July 4th. So let the fireworks start early.

Chris Dodd and Barney Frank — two of the many reasons we’re in such financial trouble — are also the architects of the effort to “fix” the problem. “Hope & Change!”

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Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a blast of snark. Townhall Media editor. alum. Bowling novice.