The so-called "resolution" mechanism the Democrats are pushing to wind down any big bank that gets into trouble is a step in the right direction. But it won't work if two or more giant banks are simultaneously endangered.
Here's the danger: the centralization of risk and power is leading us right into another disaster. We need to get the banking oligopoly under control. But Jamie Dimon is fighting back tooth and nail. And that's why we must fight Jamie Dimon.
Now that the Dow is shooting past 11,000, Congress has the perfect excuse to pass a pathetic set of watered down financial reforms. Arguments between Democrats and Republicans are for political show. The bankers already have won.
Democrats won't succeed in getting public opinion behind their Wall Street reform if they let their opponents define the bill. So far, they've been doing an excellent job defining it themselves, for once.
Goldman Sachs emailed me to remind me of the amount of cash I made whilst my money was with them. This of course just reminds me of why I moved my money in the first place: it was the only way I could show that I did not approve of them.