Difficult time appear to cal for action, but they demand first and foremost character and judgment. Unfortunately, Sen Elizabeth Warren failed spectacularly at demonstrating both.
Her desire to take a new approach to countering bullying and nonsense in public discourse is understandable, but it takes a lot more than a cute gimmick. Worse, her inability to navigate the delicate issues of race and identity have demonstrated that Democratic leadership is still generally clueless about this topic and will continue to only make things worse.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
– Henry Ford
In case you were wondering what the cost is of “Too Big to Fail” banks, the Federal Reserve has an answer – $440 million (about $4 for every household in the US). If that seems low, well, it is. It’s just what it costs to have “enhanced regulation” of those banks that have been declared “systemic” – legalese for protected by you and I.
Where did that number come from? It comes at the end of a long, watered-down process that has finally defined just what it means to be one of the protected investment banks. It’s all the result of Dodd-Frank regulation that does more harm than good if this is all they can manage. But perhaps we can make a bit more out of it …