peterike, tnx for props, wish twer true –what happened is that the two bodies agreed to craft new rules on how to value assets, and how to trade stocks. New rules, within three weeks (any grad student at Wharton could do it by midnight, but who’s complaining), to present a truer bank system balance-sheet, and to fend off from the trading floor the wolf packs who’ve been using a flaw in the rules to chop down share values of targetted firms.

I note nobody proposed simply returning to the old rules of pre-mid-2007, which worked fine for everyrthing except busting out the system, putting your people in control of DC, and short-circuiting the currency into capacitor accounts now fully charged and ready to electrify the long side and power up another cycle in time for the mid-terms.