Forbes just threw together their list of the World’s Most Powerful Women. It’s amazing what passes for “power” these days.

Federal Deposit Insurance Corp. Chairman Sheila Bair, who remains in the No. 2 spot, has presided over the orderly takeover of 77 banks so far this year. In fighting for more power for her agency, she has butted heads with Fed Chairman Ben Bernanke and U.S.Treasury Secretary Timothy Geithner.

“Orderly takeover?” Reminds me of the “orderly exterminations” of Jews in Hitler’s Germany. By, hey, as long as it’s orderly. Nice work if you can get it. It’s easy to play fast and loose when you’re dealing with other people’s money. Meanwhile, Forbes apparently weighted their metrics heavily in favor of those who live high atop Mt Olympus far from the rabble of risk-takers and producers.

Michelle Obama in her college days as a race baiter.

This year’s list includes several notable newcomers–from the U.S. and abroad. The recently approved Supreme Court Justice Sonia Sotomayor debuts at No. 55. She will be the third woman and the first Hispanic in the top court. First lady Michelle Obama, a champion for working women and the families of the U.S. military, appears at No. 40.

Among the female U.S. Cabinet secretaries, Homeland Security Secretary Janet Napolitano and Health and Human Services Secretary Kathleen Sebelius rank at No. 51 and No. 57, respectively. Meanwhile, SEC Chair Mary Schapiro (No. 56) is in the midst of a maelstrom, as Congress weighs new regulations of the financial services industry.

In all fairness to Forbes and to the truly powerful women on the list, some of the top 100 worked their way through to the top of the market the old-fashioned way – by producing a product that people actually want and are willing to pay for despite the fact that their present jobs leave them far from untouched by those in Washington who would co-opt their talents for their own personal ends.