Lawmakers Agree to Destruction of Bank Profitability Bill

Congratulations to Congress, who came to terms on a Bill to Destroy U.S. Bank Profits last night. Unfortunately, it will do nothing to prevent another U.S. bailout and does nothing to address the two companies most responsible for the mortgage meltdown, Fannie Mae and Freddie Mac.

But it does a great job of reducing bank profits, damaging the private equity industry and killing growth. Pretty good day for Obama and Pelosi.