Pity the Banks
Steven Schwarzman, he of the three million-dollar birthday party -- starring Rod Stewart! -- says we should all stop picking on the banks:
My biggest concern is that, as a result of either proposals or tone, that financial institutions are going to feel under siege and their going to retreat with their extension of credit. There is enormous uncertainty, not so much in the economic environment, but we've also increased the uncertainty from the political environment directed at the banks. And there is a really good probability that banks, starting in the U.S., but also on a broad basis may start to restrict credit simply because the uncertainty and the tone against them is so difficult that they may lack the confidence to just start doing their normal function.
In other words, the big banks will bring down the American economy and impoverish millions because they don't like the "tone" of the discussion. I'm understanding the attraction of someone like Ron Paul more and more these days.