Why I Was the Skunk at the Party

Yesterday's hearing -- my Dealbook on it here -- was clearly all about political posturing: the Democrats are defensive about Dodd-Frank, rightly afraid that any change to it becomes a chance to repeal or gut, while the Republicans too often veer off into some free market rhetoric that really makes no sense when you are talking about financial institutions. Since when have banks been subject to the free market? Even pre-Fed they were (at least theoretically) under State oversight.

So basically neither side wanted to hear what I had to say.

But as is so often the case, Alan Sloan comes through with some clear thinking on the matter here.