Bloomberg's David Reilly provides hysterical commentary on the financial reform bill:

If you’re a banker, the bill is tastier. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises… It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk.

And GMAC is getting another $3.5 billion in federal aid, The Wall Street Journal reports.

Merry Christmas — but you're still Santa Claus, dear taxpayer.

Beltway ConfidentialUS