The Incredible Volcker

The Incredible Volcker

Read at the New York Times

It’s been over three years since the Dodd-Frank Act became law, although most of its regulations were left to be written into it at a later date. So it was just last week that the much-vaunted Volcker Rule was codified and included in the law.

Bankers and their lobbyists are freaking out about it, which means it must be doing at least some good. But it’s really just a minor provision. Anything but the return of Glass-Steagall only tackles a few symptoms of the financial sector’s hold on the economy at large.

There were multiple people who did not get why Elizabeth Warren is wearing an eye patch. I overestimated the number of readers who saw those indie films from the small art-house studio called Disney-Marvel, including their little-known cult hit, “The Avengers.”