Congress Signs Bill to Keep a Leash on Wall St.

A new bill signed by Congress that only awaits President Barack Obama effectively puts the kibosh on any future malfeasance by any company and/or CEOs that wish to line their own pockets through ripping off or misdirecting investors.

Once signed by President Obama, the new law will "give the government new powers to break up companies that threaten the economy, create a new agency to guard consumers in their financial transactions and shine a light into shadow financial markets that escaped the oversight of regulators."

That's the good news. The potential bad news is this new law in the hands of any administration has the obvious potential for government takeover and corruption for any form of greed and dishonesty from a certain number of Congress members. Cronyism could abound even worse than it is now. "The law will give the government new powers to break up companies that threaten the economy."

It's already the "biggest expansion of government power over banking and markets since the Depression." Tag this on to Obama's takeover of banks, automobile companies (GM to be precise) energy, healthcare (1/6 of the economy) local schools, insurance companies, and his wish to take control of newspapers, the media and the internet. Well, maybe not so much control, but he does want to use government money (read: taxpayer money) and government regulations to extend political control over all these sectors of the economy. And the more political control achieves, the more we can expect political favoritism, corruption, uneconomic decisions, and slower economic growth.

In fact, the Democrat cronyism already has a leg-up, as the bill "makes it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States."