The months between now and November 2012 are going to be fraught with peril and anxiety. Sleep tight, America.
GALVIN AND GOLDMAN
The boys at Goldman Sachs and the rest of the scum on Wall Street are not exactly shaking in their bespoke shirts over the $10-million fine that Massachusetts Secretary of State William Galvin slapped on Goldman for screwing small customers in order to favor gilt-edged investors.
But financially strapped citizens across America who have to think twice before visiting Wal-Mart can at least savor the moment. Galvin, it appears, is one of those rare elected officials willing to bite — rather than kiss — Wall Street's buttocks.
State regulators across the nation should take note. You might not be able to singlehandedly reform the rigged casinos known as the financial markets, but you can inflict a bit of discomfort, a touch of pain.
Washington certainly doesn't have the taste for it. In a front-page article reporting a six-month delay in the implementation of last year's financial-regulatory overhaul, the Wall Street Journal noted that the regulatory "landscape . . . is in some ways largely unchanged since the 2008 financial crisis." You have to love that understatement. In other words, the pimps, thieves, and confidence men that brought the world economy to its knees, triggered the highest unemployment in a generation, and set the stage for a economic calamity that could be worse than the Great Depression are still free to make record-level millions and billions while John and Jane Doe suffer.
What a country.
The presidential caste of the Republican Party is beyond hope, but those who supported Obama expected more.
This week began with the news that the president was working to re-curry favor with Wall Street in the hopes of filling his campaign chest. Romney, himself a former financial pirate, is already off to a good start in that department.
It is clear that any move to defang the Wall Street predators is going to have to come from outside Washington. Let's hope Galvin stays with it. ^