The Obama administration is prepared to use their executive powers (registration required....annoying...) - if need be - to enforce stronger financial reform if Congress passes a watered down bill:
THE AGENDA — OBAMA TO PUSH HIGHER CAPITAL REQUIREMENTS — FT’s Tom Braithwaite reports: "The Obama administration is preparing to push for higher capital requirements for banks as the main thrust of its regulation reform strategy. ... Although administration officials remain optimistic that a regulation bill will be passed, there is also an acceptance that the administration may, as a last resort, have to rely on an executive order ... If the much-debated ‘Volcker rule’ that would ban deposit-taking banks from proprietary trading is not approved, the Federal Reserve and other bank regulators could be asked to fine-tune capital requirements to make risky activity more expensive."
Hmmm. Looks like they'll find a way to achieve the same policy goal through different means.
Perhaps the sky isn't falling? Perhaps I don't need to wet my pants in response to the OUTRAGE OF THE DAY (TM) this time?
I'm not an economist. I don't pretend to understand many of these financial issues beyond a very superficial reading of them. But this sounds fine to me.
UPDATE: We'll see how this all turns out. But until then, here's a comfy fainting couch (thanks to bumblebums):
If I can make one request if you faint because things are so dramatic and you must be dramatic and hyperventilate and blah blah blah, please avoid micturating on my fainting couch. It really ties the room together.