Should it surprise us that we, the people, are smarter than the politicians we've elected? Maybe the money machine it takes to get elected these days has discouraged more Mr. Smiths from going to Washington.
Bill Clinton's Newsweek cover story shows that the man has long been convinced that there is no problem or contradiction of his that cannot be simply plastered over with blather. Sadly, he may be right.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."
Recently in the backcountry near my home, I saw a Coyote wearing a backpack sporting a bumper sticker that said, "Coexist." That is when I knew for certain that the Coyote had never gone to Business School.
The Senate financial regulatory reform bill has only a nod in the direction of a return to the Glass-Steagall Act's separation of investment and banking firms, a regulation that Dodd helped kill a decade ago.
If, a year after Obama's victory, the Senatorial race to replace Ted Kennedy is close, it can largely be attributed to public disillusionment that Obama and the Democrats have given away too much taxpayer money to Wall Street banks.
Populism is not so much a political stance (as "conservatism" is, for instance) as it is a political tactic. Meaning it can be used equally well by either side of our current American political divide.
Having government forbid everyday commercial banks to take gambles on high-risk schemes, why, that just didn't make sense to the enlightened minds of 1999. We had learned by then to trust the market. Besides, what could go wrong?