After months of haggling and debate, Congress finally passes reform legislation to fix a serious rupture in the body politic, and the president signs it into law. But the fight's just begun, because the special interests immediately set out to win back what they lost when the reform became law.
If the Volcker Rule is implemented as planned, that would have a major negative effect on the bond yields paid by the Muppets and other leading providers of children's entertainment. No one else will ever trade these bonds to any significant degree.
Greg Smith's recent wail of resignation made it clear that Goldman Sachs has long lost touch with these simple truths. The thing is, though, you don't have to be a client of Goldman's to lose out, you just have to be, well, a human.
Amnesia is bipartisan. The one thing, apparently, that can get Democrats and Republicans working together is a desire to wreck protections for the economy and investors that were put in place not long ago.
Simply passing a bill designed by the Chamber of Commerce and the banks is a cheap move to appease donors and those whose economic theories have been proven wrong at every turn over the past several decades. But that is, unfortunately, what we have come to expect.
Paul Volcker deserves better. In the hands of Tim Geithner's Treasury, the Rule named for Volcker supposedly limiting speculative mischief by government-guaranteed banks is fast becoming a cumbersome parody of itself.
Our finance industry is on the attack again. The industry target now is the Volcker rule -- the proposed rule that would limit the ability of banks to trade for their own account. Leading the attack has been JPMorgan CEO Jamie Dimon.
Now, when there are some very real and very serious anti-American actions being asked for, Dimon is strangely silent. Could it be because the current anti-American requests coincide with his claims against financial reform? Of course it is.
There he goes again. Wall Street is fighting tooth and nail to emasculate the Dodd-Frank Bill, focusing its artillery on the Volcker Rule, namely those sections calling for the elimination of proprietary trading by banking institutions.