I must apologize for using this thread as a platform for political harangue. In this, let me say that Judge Richard Posner is a brilliant jurist that I have long admired, second only to Chief Judge Alex Kozinski of the Ninth Circuit (you can't get more impartial than either of them). Judge Posner is truly a living national treasure.

Dodd Frank created an unaccountable junta within the Federal Reserve with the power to seize or bailout any bank it chooses and a consumer credit czar with the power to decide what credit is available to you as well as snoop on your financial transactions without constraint. It seems only nationalization will be far enough.

How much debt service did GM pay from its profits? None, taxpayers are enslaved to service what amounts to a government subsidy for the UAW. Obama's venture capitalism "investment" required unlimited capital, strong arming the bankruptcy process, and custom tax breaks on future earnings. But don't worry Obama was spending our money with no concern for repayment. That means you helped to provide those $7,000 bonus checks GM passed out to each employee. I don't know about you, but I have plenty of other things I'd rather spend the money on instead of giving it to Obama's cronies.

I must have missed the news that Bain's investment in Staples cost jobs. Could you post a link.

.
Dodd Frank was a tedious process undertaken by dedicated legislators one of whom was retiring, to help American economy over this enormous hump. I agree it should be replaced with almost the exact language (modernized) of Glass-Steagle at some point.
If Bain hadn't sold bonds and indebted most of those companies they would not have had an excuse to file bankruptcy and ask the feds to help with retirement plans for their employees. This all while they pocketed the mega bucks and workers got laid off and retirees did end up losing most if not all of their benefits.
If this Romne-esque technique did not take place all over the country and the Glass Steagle had not been withdrawn with it's protections against aggressive banking practices...
President Obama would not have HAD to bail anyone out, nor would have President Bush.

__________________

ftfy

__________________
When they discover the center of the universe, a lot of people are going to be disappointed they are not it.

It doesn't matter what you think about the these cases - you don't have any say - and happily so!