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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
Chances that an applicant to a U.S. police force in 1992 was found to be “overly aggressive” on psychological tests:
Engineers funded by the United States military were working on electrical brain implants that will enable the creation of remote-controlled sharks.
Malaysian police were seeking fifteen people who appeared in an online video of the Malaysia-International Nude Sports Games 2014 Extravaganza, and Spanish police fined six Swiss tourists conducting an orgy in the back of a moving van for not wearing their seatbelts.
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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.”