Matt Taibbi on Republican Financial Services Committee Chairman Spencer Bacchus's new found populist approach to financial regulation:
Spencer Bachus to positioning himself as a champion of Wall Steeet reform is, of course, hilarious. Not only was he one of the leaders of the opposition to even the very mild Dodd-Frank reform, he went out of his way to stall changes to the rules governing derivative trades that would have prevented abuses like JP Morgan Chase's rape of Jefferson County, Alabama. This was particularly egregious because Bachus, who was the House's third-biggest recipient of Wall Street money and a heavy beneficiary of donations from Chase, happened to be Jefferson County's congressman.
So this guy is no enemy of the banks. What yesterday's move does show, however, is that politicians are listening to the specific complaints of OWS. A year ago, we would never have even seen hearings like this coming from the likes of Bachus and Barney Frank, who also supported them move. But now, everybody is trying to find a way to ride the wave. It's too early to celebrate any of this, but it can't be a bad thing.