I've been reading Maria Bartiromo's new book, The Weekend That Changed Wall Street. A better title might have been "The Weekend that Changed the World." It was America's chance to bottom out. We didn't.
"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."
Wachovia Bank is accused of laundering $380 billion in Mexican drug cartel money, and is expected to emerge with a slap on the wrist thanks to a government policy which protects megabanks from criminal charges.
It's always so much easier to cut deals in the backroom, isn't it? That way politicians don't have to be held accountable for their actions. The bank lobby is clearly frightened of the democratic process... and it should be.