The judicial review provision that Ed Harrison cites allows financial institutions to challenge the “mitigatory actions” listed in the Kanjorski amendment (pp. 3-4), not PCA requirements. It has nothing to do with Prompt Corrective Action, which is a completely separate legislative regime.

Sheesh.

But Yves controlled use of alliteration at the end of this post belies an anger and rage we all feel at the type of superficial meaningless reform we are getting from this congress and administration.

It makes me sick.

A clear distinction needs to be made between this congress and administration from the Congress and administration of 1933-1934. Back then, Congress passed legislation that would serve to protect the public for two generations. This Congress, serves to protect the financial industry in perpetuity and at the public expense.

This admin and Congress thoroughly disgusts me, and when the next inevitable crisis that comes along that thoroughly guts and divides this country in two to the point of revolution, well, then I can only say that I hope the revolution succeeds beyond our wildest dreams and that today’s policymakers of our next demise are held more than just ccountable, but scapegoated to the point of being tar and feathered, Guantanamo’ed, seeing their heads on a stake, tried and convicted as warlocks and burned at the stake…

And Kanjorski no doubt will claim that through this legislation he is doing God’s work for the American public(even if it be more than a bit devilish)

(Is the Audit the Fed amendment an exception? I haven’t yet heard of any Trojan horse there, at least. Certainly the Watts amendment, which the NYT’s “journalist” Andrews happily called a “compromise”, was really meant to gut even what meager existing oversight there was.)

As for this Kanjorski, since I remember him best for bullying the FASB, I always assumed he was up to no good here as well.

Of course, even without this reactionary provision, this amendment would still be completely insufficient if all it did was to allow the seizure of an already tottering mega-structure. It would just be another phony proposal that doesn’t get to the heart of things and would prove inadequate or be politically overridden in a crisis.

The necessary reform here is to pre-emptively break up ALL the TBTF structures.

There are so many issues alive today that seemingly can’t be resolved without a dissolution of the union.

Regulatory and political capture is so embedded that unless there are millions of people in the street who see through the facade demanding clear as daylight transparency we will only get more and more kabuki.

Is Kanjorsky stunningly naive or abysmally corrupt? He says, “It’s a natural drive of capitalism to escape control and escape regulation and to keep growing to any size.” He might have added, “This is achieved most effedtively through the outright purchase of legislators whose souls are for sale.”