Again, it isn’t just Republicans making the charge that the Dodd bill does not end Too Big To Fail. So are a quartet of regional Fed bank presidents:
Two interesting polls from Gallup show why a few ticks in the unemployment rate here and there are really besides the point. (Thanks to Jim Geraghty of NR.) This downturn has scarred the American psyche. The first chart shows how worried workers are about finding a comparable job if they ever lose their current one. The second chart shows that they are still pretty worried about losing their existing job.
A few observations, comments and highlights:
1) Three things can happen today, as I see it: a) Chris Dodd and Richard Shelby reach a deal; b) Dems pick off a few Rs, get cloture, and the debate on the bill proceeds; or c) no deal, Rs stay unified and negotiations continue. Of those “c’ is the likely option — and that will eventually lead to a bill that may be getting tougher by moment. On Good Morning America today, Shelby seemed supportive of tougher derivatives language. And although it will not be in the bill, Kent Conrad’s comments that a bank tax is coming is reflective of the growing anti-Wall Street mood on Capitol Hill.