Epicurean Dealmaker highlights one of my chief fears right now:

Meanwhile, the cleverboots in the banking industry have already picked themselves up and dusted themselves off from the 50-car pile-up they drove the economy into. They are sending an army of lobbyists and campaign contributors into the halls of power to make sure any new rules imposed on them are both toothless and rigged in their favor. Congressmen and women, most of whom couldn’t balance a checkbook if you gave them a fucking jeweler’s scale, are no match for smooth-talking operators purring about the need to preserve “innovation” and “efficiency” in the market. This is not even to mention the inevitability of regulatory capture, when underpaid government bureaucrats try to supervise their former and future private sector employers who make, on average, about fifty gazillion times more money than they do.

So I am with Bob Teitelman, who worries that all this CNBC advertising budget-driven drivel about “green shoots” in the economy is letting a once-in-a-generation opportunity to craft a robust, long-lasting regulatory regime for the new financial reality slip away, and against those who urge slowness and caution. These latter argue that we should not rush into anything, since we are likely to make mistakes in forming a new regulatory system in haste, and generate all sorts of unintended consequences.

I say fuck it. Kill ‘em all and let God sort ‘em out. Wipe the slate clean and start over with some broad principles and some smart, well-paid technocrats and ex-investment bankers who can figure it out on the fly. Let them hire killers and mercenaries who are smart enough not only to enforce existing rules, but also anticipate those areas and practices that will require regulation in the future. How do you think the financial sector itself manages its own business?

Make no mistake about it, every behemoth in the financial industry will be spending tens of millions of dollars over the next few years trying to fight any change in regulatory oversight. If Congress’ loses its balls and fails to do anything meaningful to prevent a crisis like this from happening again, I fear this is the last mini-Depression this country can handle.