The financial reform bill is dead in the water, and it’s just as well.
The problem isn’t that the system lacks regulation, the problem is that the regulators didn’t do their jobs properly.
There’s no evidence they’ll do any better next time, and no willingness on the part of Wall Street’s captive legislators to take the banks on.
So, we can all start waiting around for the next bubble to burst: dollar carry trade, Chinese real estate, currency default swaps, or whatever it is our valiant regulators continue to ignore.
Gorilla says: “The rich man has already passed through the eye of the needle into deregulated heaven!”
Tags: financial reform, Wall Street