In a remarkable development, a Volcker plan for Glass-Steagall-lite has been proposed by the Administration.  One minute Paul Volcker, the only financial administrator not called Brooksley Born who has shown any real backbone in the last 30 years, is so out in the cold that his toes must have frozen off, and the next - hey, Presto! - his ideas are put forward lock, stock, and barrel and Geithner and Summers are left scrambling to take some credit for the plan and pretend they hadn't been dissing Volcker up until eight seconds ago for what they thought were his antique and unnecessary ideas that were far too harsh on our poor banking system.  Wow!  Well, these new ideas are all good stuff as far as I'm concerned, and entirely justified.

 

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