Live-Blogging Senate Hearing Tomorrow, When J.P. Morgan Chase Will Be Torn a New One
http://www.rollingstone.com/politics/blogs/taibblog/live-blogging-senate-hearing-tomorrow-when-j-p-morgan-chase-will-be-torn-a-new-one-20130314
I have complained off and on about this idiotic ‘too big to fail’ crap for years (now we have “too big to jail” as well) but sort of lost faith that anything would be done about it. I do, however, recall from my reading on the ‘Great Depression’ (as opposed to our ‘Great Recession’; the only difference being the shreds of safety net the GOP keeps wanting to eliminate) that it took many years (nigh on a decade, I believe) before any substantive changes were made. Perhaps this hearing Matt is talking about represents the first sign of a sea change that will push back against these idiotic ‘too big to fail/jail’ banks. One can hope, dream, fantasize, eh? Of course, as long as Obama is in office there is zero chance that any legislation will get passed, so we are stuck for at least the next 4 years. It is hard for me to imagine that any GOP candidate would push back against the banks and just as hard to imagine any Democratic candidate surviving the primaries talking about taking on the banks, but then again, Obama pretty much went back on every single promise he made during his campaign (some even before he got elected!) so I supposed I can fantasize about a candidate that takes money from the banks and then ‘turns on them’.
Yeah, I know: I am dreaming!
