I’ll Believe It When I See It (In the Fine Print)

Obama has again pulled Volcker into his photo ops, and is talking tough about putting limits on the size of banks, restoring the “spirit” of Glass-Steagall, and curtailing the giant banks’ prop trading operations.

I’ll believe it when I see it (in the fine print).

As Yves Smith reminds us, Obama and Congress talked tough about reining in derivatives, but did nothing. See this.

They talked tough about reforming health care to make it better to the American people, but ended up crafting a bill which is a giveaway to the giant insurance companies.

I’ll only get interested if I see a bill that actually does something … and whose fine print doesn’t create more loopholes than it plugs and more gifts to the financial industry than it removes.

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