The nice thing about having the Democrats in charge is, you actually do get some much-needed regulation instead of idiotic blather about the self-healing properties of the Almighty Free Market:

In response to the worst economic downturn since the Great Depression, Geithner outlined a six-part framework that would result in the most significant new regulation of the financial system since the broad changes made during that crisis more than 70 years ago.

"We have an opportunity we have not had in generations to put in place a stronger and more resilient system," Geithner said.

The key elements of the Obama administration's proposals are:

• Give a single government entity, possibly the Federal Reserve, the power and authority to oversee the entire economy for signs of "systemic risk."

• Establish a government mechanism to seize and dismantle large institutions whose failure threatens the nation's financial stability.

• Enact tougher requirements for the amount of money and assets financial institutions need to have on hand so they can withstand economic troubles.

• Require large private investment funds to register with the Securities and Exchange Commission.

• Set up a new, comprehensive framework of regulation of the complex financial instruments known as derivatives, including a central clearinghouse for trades in that market.

• Develop new, stronger requirements for money market funds so increased withdrawals won't threaten the broader financial system.

"What we need is better, smarter, tougher regulation," Geithner said.