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Did We Wind Up With Any Reform of the Shadow Banking System?

No.

Read for the detail, but here's the bottom line:

So where does that leave us with our shadow banking reforms? Well, we have a modest tweak to bank capital requirements, of unknown efficacy (Collins) and a bunch of new committees, mostly in the Fed. The mountain has laboured, and brought forth a mouse.

Just like HCR, the only reason to pass the bill is "something, anything." Thanks, "progressives"! I'm gonna buy another Obama commemorative plate! And send the Ds more money!

If we can't turn the banks into regulated public utilities (rather like the Bank of North Dakota), we really need our own shadow banking system (though I'm guessing that this is a new concept only to the latterly privileged, like me).

NOTE Background on the shadow banking system and its role in the crash that started GD II.

UPDATE Meanwhile, Obama gives Scott Brown a reach-around. Well done, Ds.

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