Simon Black via SovereignMan.com:

Practically on cue, politicians began their public hearings yesterday about the recent banking crisis...

Senators were flummoxed that their thousands of pages of banking legislation had once again failed to provide adequate protection to the US financial system.

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Fed’s Vice-Chairman for Banking Supervision admitted... that they had advanced knowledge of the banks’ problems... acknowledged they should have done something about it. They acknowledged they had the tools and authority to do something about it.

Yet they did absolutely nothing… and somehow ended up being praised as gusty and courageous.

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...the regulators had a major role to play in this crisis.

Not only did they escape culpability at yesterday’s hearing, but the regulators even managed to pat themselves on the back for their swift and decisive response to the crisis.

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