The much ballyhooed "Wall Street Reform and Consumer Protection Act" is anything but. Positioned to look like meaningful reform, the bill is another shameless Wall Street giveaway that must have banking lobbyists giddy with what they've managed to foist upon the public once again. On top of all the rest of its many failings, the bill authorizes future Wall Street bailouts to the tune of $4 Trillion.
The leviathan bill, coming in at a staggering 1,279 pages, authorizes such useless and pie-in-the-sky government expansions as the "Office of Minority and Women Inclusion". You can't make this shit up. Perhaps the funniest (or saddest, depending on your viewpoint) part of the bill is the provision that limits Congressional debate to 10 hours the next time the financial system collapses and needs to be bailed out. At least we know the kids in D.C. take their jobs seriously. 10 hours, folks. Wouldn't want to be late for dinner.
Never once in the 1,300 pages do the words "too big to fail" appear. There is no mention of breaking up the banks or returning to common sense regulation like Glass-Steagall. But I guess we shouldn't worry, since the framework for the next bailout has already been agreed upon in advance.
Anyone else feel like they need a shower?