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It’s Just Convenient Timing

The “Blueprint for a Modernized Financial Regulatory Structure” (PDF!) announced today has nothing to do with the current economic problems except that those problems are a convenient catalyst to accelerate a concoction that has been sitting on President Bush’s burner for a while.

Treasury Secretary Paulson has been working on these since at least last year:

• Check this press release from Treasury in June of 2007 casting parts of the “Blueprint” in the context of “global competitiveness” (a.k.a. deregulation).

• This release from May ‘07 provides a prologue to the accounting and reporting changes proposed in the “Blueprint”.

• This speech by Secretary Paulson in March of 2007 to “investors, auditors, public companies, and financial regulators” proceded a conference with those same parties where they were given a chance to provide feedback on the proposal.

Again, this proposal is not a response to and will do nothing to repair our current economic problems.