According to the Associated Press, federal negotiators are close to concluding a deal with major banks that would essentially forgive them of crimes committed in connection with the mortgage crisis. You can read the story here, and a critique of the proposed settlement here: Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious.
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Let’s see, an industry that has producers throwing their wealth at it for nothing in return, foreclosing on homes when they never lent anything in the first place, I can see why we wouldn’t want that to fail. Could I be the first monetary reformist to be working on a program for smooth transition to post-bank world? There are issues to be addressed such as how to protect those who will be deemed as “fair game” by a large percentage of the population.