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Charles Grassley is starting to sound as incoherent during his television interviews as he does in his Tweets. Grassley doesn't think we need more regulation. We just need more transparency. Yeah, that's going to make the finace companies behave. And when asked if the banks are in any position to protest if they're not going to make as much money, Grassley comes back with this:

Greed is human nature. We shouldn't blame greed any more than you'd blame gravity when a plane has an accident and goes down.

I'm sorry Senator, but I think we can blame greed for the mess we're in. Greed and the unwillingness of the government to put a check on it.

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It's about time. Barney Frank discussing changes in regulation due to be unveiled by the Obama administration. The Wall Street Journal has more: Details Set for Remake of Financial Regulations.

President Barack Obama is expected Wednesday to propose the most sweeping reorganization of financial-market supervision since the 1930s, a revamp that would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded.

At the center of the plan, which administration officials are referring to as a "white paper," is a move to remake powers of the Federal Reserve to oversee the biggest financial players, give the government the power to unwind and break up systemically important companies -- much like the Federal Deposit Insurance Corp. does with failed banks -- and create a new regulator for consumer-oriented financial products, according to people involved in the process.

The plan stops short of the complete consolidation of power that some lawmakers have advocated. For example, it will allow several agencies to continue supervising banks. It also won't place specific limits on the size or scope of financial institutions, but it will make it much harder for large companies to be so overleveraged that they threaten the broader economy.

Boy, is Barack Obama one smooth politician or what? The NY Post is reporting that the President is having a bipartisan group of House and Senate members over to the White House for a few drinks so that they can talk about the pending stimulus bill. Just like he did in Illinois -- against tougher odds than he faces now -- expect Obama to change at least a few minds.

NY Post:

President Barack Obama has invited Republican and Democratic lawmakers for drinks at the White House as they consider his economic recovery bill that still faces opposition.

White House aides say about two dozen key members of Congress were invited to the Executive Mansion Wednesday evening. The guest list includes six House Democrats, six House Republicans and five senators from each party.

The New York Times has more.