June 27, 2010 Leave a comment
You know what? No. This is worse, far worse. This is the collusion of the forces of evil. A congealed mass of buddy-buddy government malfeasance. This is U. S. Grant shit. The kind of fully networked and mass combined evil the likes of which brings down not just government coalitions, but whole nations of people.
…by imposing new capital charges that will create barriers to entry for new firms, especially in swaps and other derivatives, while at the same time permitting giant bank holding companies to continue controlling most of what they were before, “we’ve consolidated the position of the five banks that were most central to the crisis,” the former Treasury official says—in other words: J.P. Morgan, Goldman Sachs, Bank of America, Morgan Stanley, Citigroup, along with, currently, Wells Fargo. “In my mind,” he says, “they’ve created six new GSEs,” or government-sponsored entities like Fannie Mae and Freddie Mac.
Financial reform without carving up the biggest banks, bringing all trading into the light of day and completely stonewalling future taxpayer bailouts is completely veto-able. A good president would have sent it back. A strong president would have castigated congress for their short-sightedness and do-nothing-ism.
This isn’t Black George Bush. This is utterly incompetent and opportunistic Barack Obama (D-IL/USA)