Over the past thirty years, Wall Street has honed the art of creating and selling financial products with an increasingly tenuous connection to reality. It has been an extraordinarily creative period—a modernism of money, with an equivalent trend toward abstraction. Relatively simple derivatives evolved into ever more arcane contrivances. The risk and the leverage piled up, and, in the short term, the billions rolled in. This is over now.
Meanwhile Congress is digging in and refusing to be steamrollered into handing Bush buddies a blank check - guess they did learn something about the dangers of the Bush Administration, blank checks and absolute power corrupting absolutely.
Although really, as my old manic-depressive boyfriend used to say: "the tiniest speck of power corrupts absolutely."