Well, despite the fact that he's been basically MIA for weeks (we know, we know. We're convinced that was an elvish double who testified in front of congress) it seems like this whole "rescue plan" has gotten some traction.
We have been waiting with baited breath for the means to raze Castle Pandit, now it looks like we might actually get it.
The principles include giving the Federal Reserve new powers that include authority to monitor and address broad risks across the economy, say people familiar with the matter. The proposals are expected to include tougher capital requirements for big banks and authority for regulators to take over a large financial firm that is failing.
We can think of nothing more important than breaking the large banks down to size. Certainly, it boosts the number of headlines for us, but, more importantly, we can film the rubble for weeks.
True, the Federal Reserve will be the big winner here. For our part, we are proud to see an organization with deep political insulation running the show here. But that could be just because we like to watch the fireworks. Giving the Fed this much power is almost certainly going to backfire on the Administration. It's just a question of which Administration.
U.S. to Toughen Finance Rules [WSJ]