Once upon a time in the United States of America, a bunch of guys figured out that they could take money from people, gamble with it, and, if they won, keep the winnings, and, if they lost, ask the government to bail them out. It worked pretty well for a while, until, like all such schemes, they pushed it too far, and caused a Great Depression. At this point, the government said, “Naughty! You can’t do that anymore.” “Drat!” said the men. “That’s not fair! We shall overturn this rule!” And, by and by, they did. Then, they started gambling with other people’s money again (because it was so much fun). They liked to blow bubbles. They blew an internet bubble, but it burst. Then, they blew a housing bubble, but it burst. They wanted to blow another bubble, but the last one caused a Great Recession. The government said, “Naughty! You can’t do that anymore.” “Hmph,” thought the men, “we’ll just wait. Someone will come along and take that silly rule away again.” And, sure enough, someone did–just today!
Now, some say the new rule was too mean. Some wonder if the second rule had any better chance than the first (or any chance at all of surviving more than a few years). Others wonder why a president who campaigned on promises of standing up to Wall Street has caved in to its basest desire. Still others think that this would have happened no matter who became president, because the people who play this game are actually in charge.
By the way, in case you were wondering what the rule that just got shut down was, here it is:
“To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail’’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.”
Well, so much for the American taxpayer. Now that that’s behind us, guess what’s going to happen next! (Clue: what happened the last two times?)
As long as were talking about failed policies, guess whose Muslim ban just got shut down? That same guy who did the favor for Wall Street! My, my.