This time, it’s financial reform, or the lack of it…
Senators Dodd and Corker may have a deal to put a consumer protection agency inside the Fed.
More bipartisan huzzahs, once again over peanuts.
And what good is this deal?
The Fed already has a consumer protection mandate, which it has failed miserably to uphold.
The Fed missed the housing bubble, didn’t regulate Wall Street sufficiently, and has more or less thrown the unemployed over the side.
The banks and other assorted financial services groups clearly aren’t worried about any serious reform, having already purchased a sufficiently large number of Senators to keep consumer protection at bay.
Gorilla says: “When a retiring Senator isn’t even willing to try, the flesh of reform remains weak!”
Tags: banks