Barry O's New Banking Rules

With Barry O finally listening to what Paul Volcker has been advising him to do for the past year and limiting the nature of risk taking that banks can participate in things are getting interesting.

You can certainly tell who is shorting the banks and who is long the banks by their arguments regarding the proposed regulation changes. I just watched a complete d bag argue that these regulations are ridiculous and are a clearly anticapitilist move. Of course the idiot conducting the interview, not knowing what true capitalism consists of, didn't ask the moron to define exactly how banks are capitalist enterprises.

For those that lean to the right, don't fall for this bs argument that asking banks to function as banks rather than private equity shops, hedge funds, or frontrunners of their own clients, is somehow anti capitalist. Political theater, likely, but anti capitalism not a chance.

I'm no fan of Barry O and doubt that any piece of legislation will be crafted with sufficient teeth to curtail systemic risk in the U.S. banking industry. However, it is great to see that the political class is beginning to fear the outrage brewing in America. It is equally fun to watch some arrogant investment manager rage on about how unfair itis that his long position in Bank of America just took a big hit.

Another two liberal senators just announced they won't be voting for Ben Bernanke's reappointment as President as the Federal Reserve. Again, another interesting sign that the ruling elite are getting scared and starting to turn on each other. Expect Turbo Tax Timmy to be canned soon as well.