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More by Robert Kuttner

Simpon's 'Tits' Are the Least of It

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The Squandering of America
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Inequality Matters
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July 11, 2010

Question for the Tea Party: Why the Free Ride for Republicans Protecting Bankers?

No honor among thieves

Huffington Post

By Robert Kuttner

This reform bill may be a day late and a dollar short. But starting the process of reining in the banks is the antidote to the bailout and to future bailouts -- both politically and in terms of better policy. And it's Republicans and Wall Streeters who are trying to kill it. That's not so hard to explain. The president should be using his bully pulpit to shame the banking lobby and its Republican toadies, and to associate himself and the Democrats with stronger housecleaning.

If the final bill does manage to squeak through, this is only the beginning of reform. Several key provisions, such as the Volcker Rule separating commercial banking from trading and investment banking and the rules on derivatives, were seriously weakened by amendments. Others, such as the rules on capital requirements, too-big-to-fail, and consumer protection, leave a lot to agency discretion. So the same agencies that are far too close to the bankers, the ones that let this disaster happen, will be in charge of the details of reform.

 

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