Protecting Us From the Wrong Things

You just know this isn't going to work out well:

WASHINGTON -- President Barack Obama is calling for new financial "rules of the road" that he says would protect Americans from devastating future economic crises.

The president's broad set of changes in financial regulation would give the Federal Reserve new authority and create a new agency to protect consumers in their banking transactions.

Obama said Wednesday that an absence of oversight over Wall Street resulted in systematic and systemic abuse that increased financial risks for both families and large firms.

He said his plan is the biggest transformation in financial rules since the Great Depression. The plan will now be considered by Congress.

So, where is the agency that will protect us from congressmen who insisted that lenders make loans that people couldn't repay? It's wasn't a lack of oversight that collapsed the banks and Wall Street firms, but the heavy hand of Barney Frank, Chris Dodd, Maxine Waters, and others who wouldn't let them make prudent lending decisions.

Where is the agency that will protect us from the inflation that's bound to occur thanks to massive federal deficits? Who's going to stop the devastating expansion of the federal government that will rob us of our money and liberty?

Obama is protecting us from the wrong things.