... his bank reforms at least.
I was skeptical this morning, but the plan announced today is awesome.
It's called the Volcker plan, named after the one Obama economic adviser who's not in the pocket of Wall Street. It would require banks to split off their speculative trading divisions from their taxpayer-guaranteed, Fed-subsidized traditional banks. It would also finally limit leverage at the largest banks.
Finally, after a year of corruption and incompetence, Obama gets around to the obvious solution to "Too Big to Fail."
Denninger is also thrilled, and Mish supports the plan.
Who's against it other than the Wall Street crooks? The Wall Street crooks' Congressional and Treasury puppets, of course. Barney Frank and Timmy the Tax Cheat.
UPDATE: But if banks can't buy crap assets with cheap government funding, who will the FDIC (government) dump its crap assets on? Ever get the feeling you're watching the very last stage of a giant Ponzi scheme?
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