Phenomenal… well said.
The banks have fought their war against financial reform on four fronts.
They have pushed for delays, lobbied allies in Congress to repeal aspects of Dodd-Frank, worked over regulators to make the rules as loose as possible and threatened legal challenges and filed lawsuits.
The battle has been overwhelming, with a scrappy band of pro-reform rebels outnumbered and overpowered by the empire’s resources. The public appears to be on the side of the insurgents, but perhaps can’t follow or understand debates about whether “swaps” — what are those? — should be “pushed out” or not — what’s that? (English translation below.)
During all of these fights, the banks have had a stalwart ally holding back greater reform: Establishment Democrats.
Such Democrats, the Robert E. Rubin wing of the Democratic Party, opposed moves to break up the big banks after the 2008 global crisis. These stalwarts prevented a reinstatement of the…
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