What is Congress getting right now? A Philosopher’s Stone? The Holy Grail? The Ark of the Covenant? Your ideas are quite welcome. Zach Carter writes on Alternet:
Late last night, the U.S. Senate rejected the single most important element of Wall Street reform by a vote of 33 to 61.
The SAFE Banking Act would have forced the break-up of the nation’s six largest banks, and dramatically reduced the political clout of America’s financial elite.
The 61 votes against the measure are votes in favor of Wall Street’s stranglehold on our economy.
No matter what else is ultimately enacted in the name of Wall Street reform, Congress has decided that it will not confront the single greatest problem in the U.S. economy: too big to fail.
On Wednesday, the Senate also voted down a $50 billion Wall Street tax that would have been used to fund the cost of shutting down a major failing bank. By rejecting both the break-up bill and the bank tax, the Senate has punted on ending too-big-to-fail. For now, it appears that Wall Street has emerged from the Great Financial Crash of 2008 with even greater political might than it wielded during the reign of George W. Bush. In the Citizens United era, both Democrats and Republicans have decided they can only get so tough with Corporate America.
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