Friday, September 26, 2014

The Moral Corruption of Banking Regulation

The Federal Reserve Bank of New York

There is some moral corruption in America that we can't lay at the Republicans' feet, unless the fact that Ben Bernanke is a Republican has any merit, a rather weak suggestion.

This story breaking this morning of the Fed's rather limp regulation of banking behavior is a major scandal. Because it doesn't involve sports, guns, or sex, it probably will reach the Richter scale of scandal of about 2. By which I mean it'll be forgotten five minutes after Meet the Press fails to mention it this Sunday. Hope I'm wrong.

Read Michael Lewis' explanation of it on Bloomberg this morning. He's pretty good at making sense out of stuff the public -- or even the Fed! -- doesn't usually understand.

We are ruled, as Atrios says, by idiots. Wish he was wrong.

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