The Federal Reserve announced at 9:30 PM on Sunday--in the dead of night-- that--presto, chango--Morgan Stanley and Goldman Sachs are now officially "banks," in the traditional sense of the word.

What the hell is going on here?

Both these alleged "fierce "competitors petition the Fed for the same action at the same time, and both requests get approved, simultaneously....There's no doubt that they, Morgan and Goldman, are just ensuring that they're going to feed at the Public trough without any nasty semantic impediments getting in their way.

This action will submit Morgan and Goldman to regulation by the Federal Reserve System, which just a few days ago would have been the last thing in the world these guys would have wanted. Yet now, with a trillion dollars of public money up for grabs, both firms coincidentally (sic) reverse course and petition for added regulation. This change of status also will permit Morgan and Goldman to purchase Fed-regulated banks, something they could not do as independent investment banks.

These guys can smell a money-making loophole from light-years away, especially if it has 12 zeros after the first digit.

They're going to outsmart the government again, the people's pockets are going to be picked, Goldman and Morgan are going to feast...all while perhaps a million Average Schmoes have their homes foreclosed upon.

Only in America.