We're being treated to legislative bread and circuses with the recently-passed financial "reform" bill. Putting aside the irony of a "Consumer Protection Bureau" being housed in the Federal Reserve, whose shareholders are the largest banks while also being tasked with regulating the largest banks... we're being distracted by these "reform" efforts in the face of the largest looting operation in American history.

Here's how it works: in our world of "global ZIRP" (zero interest rate policy), banks get to borrow from the Federal Reserve at essentially zero interest. But instead of making loans to Main Street based upon those borrowings, banks are buying Treasury debt hand over fist to finance our massive deficit spending while pocketing 2-4% interest on the backs of American taxpayers.

Wouldn't you like the opportunity to borrow at zero and lend at 3% to the federal government? Sure beats working for a living.