“This sounds so bleak when I say it, but we need some delusions to keep us going.”—Woody Allen in the New York Times
“The former chairman of Lazard in London who is now chairman of Barclays, once said that the only two things that would survive a nuclear war were cockroaches and Lazard. On the evidence of the past few years, he underestimated the tenacity of the rest of the investment banking industry”—William Wright, Editor, Financial News, London
Hooray, Elizabeth Warren is to become a Special Assistant to President Obama in charge of setting up the Consumer Protection Bureau that she conceived. Alas, it is not to be the independent agency she wanted but a bureau within the Federal Reserve Bank, a branch of government that is really run by big banks which and did virtually nothing to protect consumers when they needed help the most.
For the Obamacrats, this is a good move in political terms because the White House had been battered by the Democratic base to appoint the outspoken Warren to the job, Asked about the issue at his recent press conference, he was his usual coy and cautious self.… Read the rest