The battle over regulation is basically over, which is why Barack Obama didn’t give much of a “castigation” to Wall Street today.
He didn’t say anything to suggest that the financial industry would be radically overhauled. He didn’t call out greed very much, except as one cause of the crisis, and even then, only in the past tense. He didn’t call out people making a lot of money, except where it isn’t warranted, which is uncontroversial
He didn’t need to get all fire and brimstone.
Republicans are coming on board to some moderate version of the Dodd bill, with some consumer protections, and some added daylight to derivatives, which will probably be a good thing.
We suppose the Volcker rule could be controversial, but we doubt it will have much bite.
Now it’s just a matter of timing and details.
Back to business, folks!
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