Rich Galen

The next bit of good news is that the Bush Administration, it turns out, has been working for about a year to bring the Federal regulatory mechanism into the 21st Century to match the new realities of how slick-haired, spread-collared, French-cuffed Wall Streeters do their work.

According to the NY Times:

In the past decade, there has been an explosion in complex derivative instruments, such as collateralized debt obligations and credit default swaps, which were intended primarily to transfer risk.

These products are virtually hidden from investors, analysts and regulators, even though they have emerged as one of Wall Street's most outsized profit engines. They don't trade openly on public exchanges, and financial services firms disclose few details about them.

According to that semi-official mouthpiece of the Bush Administration, National Public Radio:

[Treasury Secretary Henry] Paulson's proposal is aimed at curbing the kinds of risky investments that led to the current credit crisis, like the widespread use of complex mortgage-backed securities.

Naturally, economic geniuses like Sen. Chris Dodd (D-Ct) who is the chairman of the Senate Banking Committee complained the plan was "a wild pitch" but pointed out that the basis of Dodd's opposition became clear when he was caught "grumbling that he was not consulted."

Rules to Live By: Never underestimate the size of the ego of a sitting United States Senator.

Final bit of good news: This was the headline in the Washington Post: "Clinton Vows to Stay in Race to Convention"

"I have no intention of stopping until we finish what we started and until we see what happens in the next 10 contests and until we resolve Florida and Michigan. And if we don't resolve it, we'll resolve it at the convention -- that's what credentials committees are for."

You go girl!

Absolutely last bit of good news: The Washington Nationals have won their first two games and are on pace to go 162-0 this season.

Rich Galen

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at