As if there could be any doubt about who is running US financial policy it has been announced that Goldman Sachs and Morgan Stanley will be allowed to become “bank holding companies” which will allow them access to the Fed’s discount window thus giving them an easier source of funding.

Shame Lehmans didn’t get this little gift. Then again they didn’t have anyone in the Cabinet to look after them.

It’s no surprise that a recent poll showed American’s most concerned about rebuilding their reputation overseas as their most pressing issue (83%). The country has well and truly gone down the tubes and under a Republican watch. Some mentioned National Socialism was alive and well in the USA.

Stablising financial markets is one thing but underwriting the losses of the banking system is another. This just confirms everything Thomas Jefferson ever said about the bankers and also confirms that the US is no longer the world’s leading financial center.