Lots of journalists will gloss over something that dents their thesis. Bloomberg doesn’t do that here, noting at length that the banks have still been able to get their way in some consumer areas, particularly in so-called cramdown legislation that many on the left thought was the only real way to speed the end of the housing crisis.
And it ends on what’s an appropriately skeptical note:
While banks’ lobbying efforts may have been weakened, their deep pockets still give them willing listeners on Capitol Hill and in the White House, says Joseph Stiglitz, winner of the 2001 Nobel Memorial Prize in Economics.
“It comes down to the influence of money on our political process,” the Columbia University economics professor says.
Even if Barr levels the playing field and the new agency is created, banks bearing cash still may win the game.