Washington's perverse refusal to grapple with the energy crisis or to genuinely reform Wall Street:
Behind the Dodd-Frank celebrations and Rose Garden linguistic bouquets, nothing really changed about the financial sector: The same regulators are in charge, the same CEOs are still running bigger, more concentrated financial institutions, and, oh, by the way, the pay czar announced last week that TARP beneficiary institutions overpaid their executives by $ 1.7 billion—yet nothing will or can be done about it. The TARP IG reported last week that the Treasury-department mortgage reformation program has been a disaster: Fewer than 400,000 mortgages have been altered. And while Goldman was paying a fine of two weeks' profits to give the SEC cover, there was no structural reform in the securities industry. A decade has gone by with no net private-sector job growth, initial unemployment claims last week jumped to 464,000, the average duration of unemployment is the longest in modern history, and the deficit for fiscal year 2010 is projected to exceed 2009's 1.41 trillion dollars.
