Note to Sen. Durbin

Who has been more than usually feckless, demagoguing the housing issue with the SEIU. Can we look at some consequences if the Dems push through more ill-judged regulation (or refuse sensible reform, or to enforce existing regs?) Tribune:

The administration also wants to create the Consumer Financial Protection Agency, which could establish consumer protection rules and ban business practices deemed unfair, dishonest or abusive, among other things.

Last week, the ABA said it would continue to make a case against the proposed agency.

Several banking and business groups oppose the agency, saying it would hurt consumers by imposing so many new rules that companies would be forced to charge more for loans and credit, or not offer them at all.

John Hall, a spokesman for the ABA, said the organization supports the administration's plan, but "we just question if a new bureaucratic agency is indeed the answer, rather than working within the existing framework and improving it."

And consider the origins of the current crisis. WSJ:

As the largest subprime lender and valued partner of Fannie Mae and Freddie Mac, Countrywide was at the core of the mortgage meltdown. The political class wants to blame the mania and panic on the bankers, but the bankers couldn't have made the subprime lending mess without plenty of political help from Congress. To ensure that this disaster is never repeated, it is critical that Congress uncovers the facts about the extraordinary efforts by Countrywide and Fannie and Freddie to influence federal housing policy.

Hmm, D-Fannie Mae ring a bell? Let's be frank. Previous posts:Finally, Countrywide Subpoena, It has come to this, Dems Block Friends of Angelo Investigation