Fruitless bipartisan talks on how to rewrite the rules governing Wall Street fell apart on Thursday. It has been almost two years since Bear Stearns collapsed. It's been a year and a half since Congress sank billions of dollars into a rescue of other teetering financial institutions. Congress still hasn't acted. At long last, the chairman of the Senate Banking Committee announced that he is giving up on getting the support of even a single Republican senator for reregulating the bankers and traders whose reckless and illegal conduct caused the Great Recession. On financial reforms, as on health care, "we have wasted month after month after month negotiating with people who are not interested in serious reform," Senator Bernie Sanders told a Progressive Media Summit on Capitol Hill. "You cannot underestimate how furious the American people are at the greed and recklessness of Wall Street, and how much they want us to take these guys on. We lose faith with ordinary Americans when we have not yet done that, and that's an issue we've got to deal with."
To read more by The Nation's Greg Kaufmann about senator's appearance before the progressive media conference, click here.