Maybe that financial reform bill ain't half bad.
Wednesday, May 26, 2010
If this article in the New York Magazine is accurate, then the financial reform bill is way better than I thought. When the Wall Street banksters start going postal, I say we are almost to the point of perfect legislation.
"On May 20, the Senate passed its bill to reregulate Wall Street by a vote of 59-39, complete with a (watery) version of the Volcker Rule. The story of the legislation’s passage can be told in a number of ways: a tale of conflict or compromise, triumph or capitulation. But on any reading, that story is only the climactic chapter in a larger narrative: how the masters of the money game fell out of love with—and into a state of bitter, seething, hysterical fury toward—Obama. "
And...
"Today, it’s hard to find anyone on Wall Street who doesn’t speak of Obama as if he were an unholy hybrid of Bernie Sanders and Eldridge Cleaver. One night not long ago, over dinner with ten executives in the finance industry, I heard the president described as “hostile to business,” 'anti-wealth,' and 'anti-capitalism'; as a redistributionist,' a 'vilifier,' and a 'thug.'"
I hope the compromise bill twists the screws a bit more.
Read more...
