The Obama Administration dropped plans to force financial institutions to offer “plain vanilla” financial products that are simple enough for consumers to understand.
There’s no good reason for this capitulation, except for the financial lobby has so effectively captured Congress that no reform would be able to get through with such a common-sense provision in place…
“Is this the United States Congress or the Board of Directors of Goldman Sachs?” asked Rep. Dennis Kucinich before voting no on the bailout.
Oh, Goldman is about to pay out $16 billion in bonuses and is in damage control mode else you might think they are vampire squid with far too much control over the federal government.
Well, since they’re practically inviting populist mobs to form, that may be what we will get.