The NYT says regulation is back in bipartisan fashion:
WASHINGTON — For 30 years, the nation’s political system has been tilted in favor of business deregulation and against new rules. But that is about to change, now that the government has been forced to intervene in the once high-flying financial industry to avert an economywide crash.
An expansion of the government’s role in financial markets is certain: on Friday the Treasury Department updated its recommended reforms of the existing regulatory structure, which it will leave to the next president and Congress.
Congressional leaders and both presidential candidates already have their own, more far-reaching ideas, from further restricting executives’ pay to remaking the entire regulatory structure so that it better supervises both traditional activities and newer ones like credit-default swaps that are unregulated.
But the pro-regulation climate will probably spill over into other sectors. That seems especially likely now that the Treasury and the Federal Reserve are pumping money into corporations of all types to shore up their capital and to finance day-to-day operations until credit markets recover, and with the auto industry separately getting billions in government assistance.
That will give impetus to those who seek new emission curbs and energy limits to address climate change; or who want health care mandates to expand insurance coverage and restrain costs; or who are calling for new safeguards for food, prescription drugs and toys from China and other less-regulated trading partners.
“We now have a collective anger, disgust, over our whole financial system and it’s obvious we’re going to get a regulatory backlash,” said Robert E. Litan, an economist at the Brookings Institution who has studied financial and regulatory issues for decades. “And we know it’s going to come in a big way in 2009.”
Mr. Litan predicts a spillover effect to other industries because voters have the perception that “big companies are animals and they need to be put in their cages.”
Great. Let’s all just call it "National Airport" again and cut the bullshit.