Friday, May 21, 2010

In every white cloud, a darker lining

Financial reform passes the Senate! and it's more progressive than anybody had imagined possible. And yet...
Historians will probably conclude that the package of reforms was surprisingly modest given the depth and severity of the 2008-09 financial crisis. A harsher historical judgment might find that the political and economic power wielded by the financial industry in the late 20th and early 21st centuries was so extensive that it could weather a near total collapse of the system without having to yield its power or privilege.
-- David Kurtz (at Talking Points Memo)
Looks that way from my seats too...

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