Wall Street’s Big Win

Finance reform won’t stop the high-risk gambling that wrecked the economy – and Republicans aren’t the only ones to blame

By  Matt Taibbi
Aug 04, 2010 1:00 PM EDT

This article originally appeared in RS 1111, on newsstands August 6, 2010.

But is the nightmare really over, or is this just another Inception-style trick ending? It’s hard to figure, given all the absurd rhetoric emanating from the leadership of both parties. Obama and the Democrats boasted that the bill is the “toughest financial reform since the ones we created in the aftermath of the Great Depression” – a claim that would maybe be more impressive if Congress had passed any financial reforms since the Great Depression, or at least any that didn’t specifically involve radically undoing the Depression-era laws.

Get your dose of political muckraking from Matt Taibbi on the Taibblog.

The Republicans, meanwhile, were predictably hysterical. They described the new law – officially known as the Dodd-Frank Wall Street Reform and Consumer Protection Act – as something not far from a full-blown Marxist seizure of the means of production. House ­Minority Leader John Boehner shrieked that it was like “killing an ant with a nuclear weapon,” apparently forgetting that the ant crisis in question wiped out about 40 percent of the world’s wealth in a little over a year, making its smallness highly debatable.

To read the entire post click here.

From our archives on Mindsi2, the department of ” the more things change the more they stay the same”.

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