News Columns & Blogs

Good Thanksgiving for banks

Bankers may have the most to be thankful for today, wrote Washington Post columnist Dana Milbank. A year ago, the financial system was near collapse and had to be rescued with hundreds of billions of taxpayers' dollars. Yet because of its lobbying strength on Capitol Hill, the industry may escape any major reform of financial regulations, such as the creation of a new Consumer Financial Protection Agency. Milbank noted that some of the same companies that were propped up with taxpayer money "are determined to fight off regulatory efforts to prevent a repeat of the same cycle of bubble, collapse and bailout."