The great irony here is that the Volcker rule was the Obama administration’s direct response to the upset election of Republican Scott Brown in Massachusetts. Brown capitalized on anger against the bank bailout in his successful campaign, and the White House correctly realized it needed a course correction that signaled a stronger line against the banks. The beauty of the American political process is that Obama’s failure to get tough enough against the banks ensured that Republicans determined to weaken bank reform are now in power.
So…how long until the Tea Party folks catch on? I’m guessing the anger will have to wait until the election.