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One of the best pieces of advice I ever got was from a former editor, who told me how to handle topics that were likely to annoy the powerful. “Don’t nibble at their toes,” he told me. “Go for their throat.” That’s why I’m renaming the financial reform bill, known as Dodd-Frank, to what it really is: the Toe-Nibbling Act of 2010.
The reason is that, with a rare exception or two, this 2,000-page bill nibbles at the toes of the problems that brought us the worldwide financial meltdown. It doesn’t go for the throat — its sponsors just pretend that it does.
Yes, Dodd-Frank may be, as President Obama calls it, “the toughest financial reform since the ones we created in the aftermath of the Great Depression.” If that’s the case, the bill shows how narrow our ambitions have become, and how little history we know.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Chance that an American believes Ramadan is the Jewish day of atonement:
Mathematicians discovered the existence of a pseudoprime that is the sum of 10,333,229,505 known primes and contains roughly 295 billion digits but cannot be represented precisely because the mathematician who found it lacks sufficient RAM.
On the eve of Independence Day in Belarus, President Alexander Lukashenko delivered a speech in Belarusian instead of Russian for the first time in 20 years, disproving rumors that he can no longer speak the language.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”