"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.
J.P. Morgan's Chief Economist James Glassman recently indulged in a vaguely worded assault on financial reform, arguing that Congress is about to ruin the economy by cracking down on Wall Street. Don't believe a word of it.
Those terrifying months in late 2008 convinced me that the federal government needed to play a far more active role in policing the activities of the major financial players in our economy. This finance reform bill will do that.