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The "New" New Dealers Are Targeting Financial Companies

The proponents of the original New Deal, in the original 1930s, sought to expand government power through regulation and control of utilities. Those were among the largest companies of the time, that touched most people's lives. And this fact was underlined by the people that didn't have access to utilities. High among the priorities of the New Dealers were the so-called Rural Electrification Project and its poster child, the Tennessee Valley Authority, that would bring hydroelectricity to major parts of the "Middle South," Kentucky, Tennnesse, Mississippi, and Alabama, not to mention Ohio, Indiana, and Illinois, with their fistful of popular and electoral votes. 

Nowadays, we take electricity, heat, and water for granted. So no one is making a power grab for the utitlies. Today's focus is on companies dedicated to the transmission of money, rather than the above-mentioned necessities. These begin, but do not end with the banks, commercial and investment. Particular targets of regulation are the recipients or "TARP" (troubled assets bailout) money. But financials include insurance companies, hedge funds, and mutual funds, that are central to most peoples' lives (OK, maybe not hedge funds, but certainly the others). These even include manufacturing companies with finance arms such as the two "Generals," Motors and Electric.

The recent troubles of the financial sector have opened the door to another unprecedented expansion of govermment power. In short, a new "New Deal."