Saturday, December 12, 2009

Financial Reform: Just Plain Trying

ZeroHedge quoted Rep. Barney Frank

"The legislation will send a message that we’re trying to respond to what got us into this economic meltdown and trying to set up mechanisms to prevent future economic meltdowns”
Securitization was restarted on the taxpayer's dime. TARP leaked. The House reform bill has:

No breakup of too big to fail, not until they become "a risk"
Big loopholes for derivatives
Backstopping shadow bankers
Federal Reserve can perform secret rescues

Trying to respond?
Trying to set up?
It's just plain trying.