Bloomberg's David Reilly provides hysterical commentary on the financial reform bill:
If you’re a banker, the bill is tastier. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises… It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk.
And GMAC is getting another $3.5 billion in federal aid, The Wall Street Journal reports.
Merry Christmas — but you're still Santa Claus, dear taxpayer.
If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/
Find out more at www.sfexaminer.com/join/
