Since 2008, we've seen example after stunning international example of no-strings-attached socialization of losses and privatization of gains. Nothing has changed for the better, because big money interests like it this way.
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.
We'll win some but we'll lose some, and some of the time we will do both at the same time. That is the story of the robo-signing settlement that has finally become a done deal after many long months of struggle over it.
Not in everything, but definitely in this, the founders were right. The financial industry got too powerful, and they assumed and operated as if they were above the law. And the rest of us paid a huge price, and are paying it still.
If Obama wants to run against Wall Street in the 2012 campaign, he needs credibility to do it, and he took a big step toward getting it last night. But victory can't be declared until the banks actually move several hundred billion in mortgage writedowns, and some indictments are issued.