Almost nobody in Washington wants to be caught committing an epic sell-out to Wall Street during the final stages of the reform process, when the public is watching every move. The political momentum is with Lincoln.
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.
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.
The students at Syracuse University are absolutely right: Dimon's a poor role model. We should be proud that they don't want life guidance from someone who has made a career of plundering the economy in the pursuit of non-productive wealth.
Criminal charges are likely to be filed against some of WaMu's former executives. But WaMu isn't the only bad actor from the financial crisis. This is basically how the entire U.S. mortgage market operated.