The problem with the financial system — okay, a problem with the financial system — is that nobody really knows how it works except the people who work in the financial system. This has been the rationale for employing Goldman Sachs alumni at the Treasury Department; it's also been the excuse given by regulators who didn't see the econopocalypse coming (not to mention hungover econ majors around the world).
Point being, now that the Senate has to vote on financial regulatory reform, everybody's frantically skimming their copies of Synthetic CDOs for Dummies…
"Some of these things are pretty arcane, especially for those of us who aren’t on the Banking Committee," said Sen. John Ensign (R-Nev.), who clutched a sheaf of PowerPoint talking points as he emerged from the first of a new series of regularly scheduled meetings for GOP senators to get up to speed on the details.
Well well, how very efficient and organized of the GOP!
Tags: Banks, Economy, Goldman Sachs, John Ensign, Money, Republicans