Thursday, April 15, 2010

McConnell to big banks' rescue

There's a must-read editorial in today's Herald-Leader. Here's an excerpt:

While the intricacies of financial regulation are complicated, [Mitch] McConnell's calculus is pretty obvious.

The high-stakes gamblers on Wall Street, luxuriating again in big bonuses, don't want any new oversight or regulation. Why would they, knowing that the government would have to bail them out again if their trading of worthless financial instruments goes bust and threatens to bring on the next Great Depression?

McConnell, unabashedly courting Wall Street bankers for political money, is happy to scratch their backs if they'll scratch his.