I Hope that He is Wrong, But I Fear that He is Right

John Carney at CNBC says that Congress will make the illegal actions of banks retroactively legal in the lame duck session:

The put-back crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue.

So here’s what I expect will happen. The lame duck session of Congress will pass a bill that essentially papers over the misdeeds of the banks that originated mortgage securities. Every member of Congress and every Senator who has been voted out of office will cast a vote for the bill. And the President will sign it.

He is suggesting that you buy stock in Bank of America, because when Congress does this, the stock will rebound.

He's right, the bankers own our government.