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Some People Actually Like The Volcker Rule

The Volcker Rule -aka the euthanasia principle- got some fresh backers over the weekend, with five former Treasury secretaries sending a letter to the WSJ to voice their support. While this must be good news (late wedding gift?) for Paul, the former secretaries don't add much to the initial argument. They're just reiterating what Paul's been saying from the start: This is just one component of a much broader picture, banks should not engage in speculative activity unrelated to essential bank services, prop trading is a bad, bad, thing. Right. Doesn't do much to convince the haters.
In other news, today is National Margarita Day.

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