A bit of good news coming out of the financial reform efforts in the U.S. Senate: An amendment preventing any future bailouts of financial institutions was adopted 96-1. In addition, the so-called “bailout” slush fund of $50 billion to wind down failed banks was dropped 93-5.
The process is certainly not over, so these changes may not stick. But, as a break from the cynical points often made on this blog, I thought I’d share some evidence of hope. Time will tell.