The World is a fine Place and worth fighting for, I believe in the latter part. - Ernest Hemmingway, Andrew Kevin Walker

Saturday 26 June 2010

First impression of the Dodd-Frank bill

Not my first impression obviously, I don't get finance at all (same with alchemy- "The art of turning Gold into less Gold" - Terry Pratchett) but someone at Salon's first impression. Found here.

While I can't comment on the specifics the overarching theme of this and other reform is terrifically depressing. Even in the face of dire circumstances brought on by the Reagan wrecking ball it is impossible to return regulation to the strength they were at back then. Hell its impossible to even bring back something as essential as Glass-Steagall that was only gotten rid of under Clinton. The Republicans had done a great job of crippling America and entrenching a deeply unfair system that has brought about, and will now maintain, a second gilded age.

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