Here comes the main bout. The Obama administration is set to propose its financial regulatory regime tomorrow. From the reports tonight in the NYT and others it is going to start one of the biggest battles we have seen in years.

I just read the Times article and I’m appalled. What they are proposing is nothing less complete oversight and control of virtually any firm that chooses to participate in the financial services sector. The power that would accrue to the federal government is breathtaking.

I’ll leave it to you to review and think about. I guarantee you that I will have much to say about this subject.

For the time being let me opine that it represents nothing so much as an attempt to shift the blame for errors of the past few years onto the private sector. It is a blatant attempt to lay all responsibility at their feet and divorce the political class from any responsibility.

I love a good fight.