Let's review. Obama is preventing major banks from returning the TARP money that many of them were pressured into accepting and using the resulting populist outrage to literally blackmail them into accepting oversight. That oversight might go all the way down to the very last bank employee.

But if you were concerned that the Democrats will never met a financier they don't want to regulate - great news! House Rep Luiz Gutierrez, who heads the House Financial Services subcommittee, seems intent on deregulating payday loans to allow interest rates of up to 391%. For those who don't recognize the name, Gutierrez is also known as the Chicago pol whose campaign was financed by the payday loan industry:

A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress' support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill... After watching members of the military fall prey to exorbitant payday loans, Congress in 2006 capped the interest rates for military payday loans at 36%. Fifteen states have similar caps or outright bans. Congressman Gutierrez is competing with Congressman Joe Baca to see who can author the biggest giveaway. Baca's legislation would allow rollovers, higher fees for online banks, and would pre-empt state laws banning payday loans.

Most ethical House evuh.

References:
* Obama Wants to Control the Banks [WSJ]
* Here, banks, take this money whether you need it or not [Chron]
* Obama Wants to Control the Banks [York / WSJ]
* Beyond AIG: A bill to let Big Government set your salary [DC Examiner]
* House Preparing To Legalize Payday Loans With 391% APRs [Consumerist]

Previously:
* Watchers Council Nominations - Dissent Is Only Patriotic When It's Filled With Nuance
* Israeli Politics Roundup - What Will Cause Netanyahu's First Blowup With Obama?
* Watchers Council Nominations - Power Grabs Defended By Rank Populism Defended By Incoherent Nonsense