The U.S. did not enforce existing securities laws, so no one should have confidence that new Dodd-Frank rules will have any meaningful impact. The U.S. banking system seems to have captured its regulators, Congress and the Treasury.
A week or so ago, we read about what in the Gilded Age of the Roman Empire was known as a bacchanal -- a big blowout at which the imperial swells got together and whooped it up. This one occurred here in Manhattan at the annual black-tie dinner and induction ceremony for Kappa Beta Phi.
Not only did Wall Street gamblers bail themselves out by means of $16 trillion of taxpayer money, but now they are also showering themselves with additional trillions of QE dollars to grow even richer.
You'd think the Wall Street moguls would be thankful. Not just thankful -- down on their knees kissing the ground taxpayers walk on and hollering hallelujah at the top of their lungs! Instead, they're back to hauling in obscene profits.
"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."
Lay The Favorite is Beth Raymer's debut book that revolves around her life as an assistant to a professional gambler in Las Vegas. I recommend it. And I hope the author can someday get past her lack of ethics and conscience.
Gary Rivlan notes in his book, Broke USA, "the working poor have become big business." You wouldn't think that poor people would be a growth market, but businesses make big money off people who live paycheck to paycheck.