The de-regulation acolytes allowed this to happen, knowing in their Randian souls that enlightened self-interest would save the day. They all seem to forget that a corporation is a government construct that violates several basic precepts of capitalism.

Capitalism isn’t the problem, corporatism is the problem.

I’m downloading the audio now. I’m not depressed today… sun is shining, weather is nice, the work week is half over… I’ll give it a listen and see what happens.
.-= last blog ..Zucchini Muffins =-.

She makes it rather plain, Jack, that if we don’t get real regulation, the Wall Street grifters are ready to take us all on another nasty ride. As it stands now the only official trying to keep these people somewhat honest is the New York attorney general.

The Senate has no problem cutting off funding for ACORN, but suggest they do something about a major corporation or a financial institution and they hide under their desks.

“Too big to fail is too big to exist” and we have the anti-trust laws in place to deal with this problem if anyone will use them.

I agree with you, Bryan. I thought I was the most snarkily cynical guy on my block, but the Gretchen Morgenson interview suggests that I am a pure amateur when it comes to actually understanding where we could end up before this is all done…

Having Congress write the regulations pretty much guarantees that the banks and Wall Street won’t be inconvenienced by them.