"Oops! Our bad!"

Generally yes. There's room for argument in a *few* places.

I like the momentum in this direction, so I'm going to refrain.

However, this is specifically about derivatives. Don't kick people like Brooksley Born in the babymaker next time, market fundamentalists.

Will someone please fix the spelling before this becomes a thing?

Party Boy: There's room for argument in a *few* places.

meaning, you can talk about the good things about crack Gramm-Leach-Bliley, but - fark it.

Congress finally realizes that repealing Glass Steagle Seagull was the stupidest thing they've done in the past 15 years

Uncle Wiggly: Will someone please fix the spelling before this becomes a thing?

The bankers and lobbyists pouring millions into campaign coffers will insure that there's no going back.

Citizens Unite!

favored treatment of derivative contracts in receivership

Why are derivative contracts favored?

That's $53 TRILLION of risky derivitaves that are now insured by - you guessed it - you and me and the FDIC.

Therion: The bankers and lobbyists pouring millions into campaign coffers will insure that there's no going back.

Citizens Unite!

That horse left the barn back in 1999, which, coincidentally, is how the bankers are partying like.

Uncle Wiggly: Will someone please fix the spelling before this becomes a thing?



Neh, too late.

Oh, fine ...

photo stolen from: http://www.diaryofamadhausfrau.com/2011/07/banana-macsplits-mactweets- challenge-22.html

Worst? It accomplished exactly what Phill Gramm wanted.

FTA:

"What Bank of America is doing is perfectly legal -- and that's the problem," Hinchey said.

Hinchey is among more than 40 House lawmakers who have signed on to a bill that would reinstate the Glass-Steagall Act, the Depression-era law that enforced separation of depository institutions from investment operations before it was partially repealed in 1999.

"The FDIC is in effect being forced to insure Wall Street's risk-taking," Hinchey said in a statement. "This is the opposite of capitalism -- the risks are socialized and the benefits are privatized."

Wow.

One could hope.

Unfortunately, Congress has gotten their tongues so far up the financial sector's ass, they've formed a Congressional Centipede

Congress is doing WHAT to Lesbian Seagull? Why? It's some of Engelbert Humperdinck's finest work?!?!

bulldg4life: The only thing that possibly could've been better would be if McCain had been elected President and Phil Gramm because secretary of the Treasury.

He could've overseen the recovery from the collapse that he had a part in creating.

It seems life doesn't always have a wonderful sense of humor.

What you posted doesn't parse. Anyway, McCain didn't want to be president. If he had, he'd be running again and he isn't. The truth is, nobody wanted to have to get elbow deep in this financial mess so the republicans stepped aside. The only ones who were upset were their constituents who still don't get that they threw the race on purpose and told Obama "Better you than one of us, dummy. Enjoy that nightmare of an economy, because it's all yours now.".

mytdawg: Ah, feel that trickle-down goodness we're being showered with.