Has anything plugged up the economic leaks yet?...
First, I want to compliment TPM Muckraker on an outstanding job of outlining the Treasury Department's approaches (or lack of them) administering this financial industry bailout into which we were so rushed earlier this fall. Second (and I apologize if this has been covered or is common knowledge) but has there been some emergency re-regulations installed to keep derivatives exchanges from collapsing the world economy even further?
It seems to me the utter lack of oversight in these highly risky instruments is what drove losses to what some economists are calling hundreds of trillions of dollars. If that's true, we haven't hit the nut of that catastrophe yet - the $700 billion bailout is a shovelful of coverage in a Grand Canyon-sized money pit. But has anything stopped this insanity? Is it still going on? Are financial whiz kids throwing our futures away on a now-worthless crap game?
