Really surprising, Arthur Levitt on Bloomberg today said they should have never gotten rid of Glass-

[ljm2002]

1. Well better late than never, I guess...

...although effectively it isn't better, since Glass-Steagall is now long dead and unlikely to ever be revived.

It always amazes me that these people were able to gut regulations, arguing that the financial would "regulate itself more effectively". Hah.

Human nature is human nature. When put in charge of vast sums of money, and the ability to play risky games with other people's money, and the knowledge that any large failure will be covered by the public, while any gains will be pocketed, guess what? People will go ahead and play risky games with the money. Gosh, who woulda thunk.

The worst part to me, is that those who failed, and whose failures have resulted in widespread misery here and abroad, are rolling in money. They still got their "performance" bonuses, they still have their homes in the Hamptons, they still eat their gilt-laced desserts for $1000 a pop, and they still dictate financial policy to the rest of us.

Bastards.