Wednesday, December 30, 2009

Bwaney And The Next $4T

clipped from

Dec. 30 (Bloomberg) -- To close out 2009, I decided to do
something I bet no member of Congress has done -- actually read
from cover to cover one of the pieces of sweeping legislation
bouncing around Capitol Hill.

Hunkering down by the fire, I snuggled up with H.R. 4173,
the financial-reform legislation passed earlier this month by
the House of Representatives.

-- For all its heft, the bill doesn’t once mention the
words “too-big-to-fail,” the main issue confronting the
financial system. Admitting you have a problem, as any 12-
stepper knows, is the crucial first step toward recovery.

-- Instead, it supports the biggest banks. It authorizes
Federal Reserve banks to provide as much as $4 trillion in
emergency funding the next time Wall Street crashes. So much for
“no-more-bailouts” talk. That is more than twice what the Fed
pumped into markets this time around. The size of the fund makes
the bribes in the Senate’s health-care bill look minuscule.

RTWT. You are toast.