Had to share these precious pearls of wisdom from a good friend and Phyllies fan named Bob, who has covered the world of banking regulation in Washington for decades. Unvarnished, pure Bob. — Chris
The financial industry’s agenda is almost totally fake, including Volcker, Fiduciary, and so-called Market Structure issues.
This is quite an achievement.
What is amazing, though not surprising, was the enthusiasm with which Republicans joined the team.
In the insurance space they actually call it Team USA as the industry goes to war against US and international regulators.
There was a lucid interval last fall when one of the leading members of Team USA made his case to HFSC, and he flopped.
BTW there was another magic moment last week when Rep. Maloney came back from a WH mtg on infrastructure and admonished the pathetic head of FINRA to help make sure to prevent funding by N. Korea of its weapons program so it can’t attack Manhattan.
She doesn’t know the difference bet FINRA and FINCEN. But she’s not the biggest crackpot on the HFSC panel. That distinction goes to Wagner of MO slash Raymond James. The first time I heard Luetkemeyer, also of MO and the team, warn that there wouldn’t be enough salespeople to go around, I thought, this must be some kind of joke.
Holtz-Eakin is a brand-name economist, but he seems to have sold out to join the team.
The good news is that the Republicans are remodeling, so that the Dems will be more comfortable when they take over next year. They won’t have to climb to the attic of Cannon.
With all his faults, I thank T for giving us four years’ respite from the Hildebeest.
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