OK, they actually walked into the Senate. And no, it’s not a joke. Senator Angus King (an Independent from Maine) and three others have introduced a bill that just might save our economic a**es when the next crisis rolls around. It’s a re-invention of the Glass-Steagall Act, which was stupidly repealed in the 90’s: said idiotic repeal being one of the causes of the Bush Economic Collapse. Here’s the story: http://bangordailynews.com/2013/07/11/politics/angus-king-john-mccain-introduce-bill-to-break-up-megabanks/
You’ll note that it is a Centrist Independent that is getting special praise here (well, DUH, it’s this blog). However, Senators McCain, Warren and Cantwell are also worthy of praise for working with King to get this bit of common-sense moving, at least in the occasionally- rational Senate (forget the House, they’re a load of loons these days). The idea is simple – separate the risky bits of banking from the safer bits of banking.
You remember the banks, those putzes that crashed the world economy, never went to jail for their crimes, and even made money for themselves by causing the Great Recession? Right, those banks. They’re against this new bill. Therefore, we should all be for it.
Kudos to Angus King and his allies. If this becomes a trend, we may have to invent a new word for DC politics: “Tri-Partisanship”.
Mr. Blunt and Cranky