Benton D Struckcheon
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Well said, Sir.
The knees of government jerk again
This is a form of the return of Glass-Steagall.
Volcker was smiling. It was hardly a knee jerk: he's spent all of his time for a year promoting a return to the restrictions of Glass-Steagall.
Personally, I hope it happens. This blowup was almost exactly the same as the one that caused the Great Depression; it was not unrelated to any that came before it.
Look up "Bank of United States", and note that its failure in 1931 and the consequences of it were eerily similar to what happened to Lehman last September.
The knees that are jerking here are the ones blaming this sell-off on Obama, by the way: even if you want to locate the cause of this sell-off in politics, of equal importance is the news that the Senate may not re-confirm Bernanke.
Two Republican senators want a bill to audit the Fed to pass first, and some Dems decided to make noise on this on Friday.
This is definitely a prime example of an old boss of mine's favorite saying: "No good deed goes unpunished."