The Banks Are Too Big Too Fail
by digby
Brown-Kaufman got only 33 votes. I can’t tell you how this shocks me to the bone. No one could have predicted such a strange and unexpected outcome.
This was never going to happen folks. I know that’s depressing, but it’s true. It would have required that either the political class believed the people would revolt if they didn’t do something drastic or that our financial overlords saw some advantage in it. It probably would have taken both of those conditions for passage and neither were present. You’d certainly think that the public and the bankers would be spooked enough by the instability we’re seeing everywhere to have finally realized that we need to shore up the system as a whole, but they just aren’t. Yet. Sometimes it takes a while for things to become clear:
I’m not saying this is what’s happening. But it’s clear that the banksters don’t think anything terribly serious has transpired. So perhaps the problem is that like most gambling addicts, they just haven’t hit bottom yet.
The Audit The Fed bill seems to have lived to see another day. Dday has the details, to the extent we know them.
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