Mutiny on the High Seas at the Federal Reserve

I was excited to read this story about the Kansas City Fed President Thomas Hoenig (pictured to the right) stomping up and down asking Congress to enact bright-line banking rules for two reasons. The first was that I thought it came out of Barry Ritholtz's feed, not Ezra Klein's. I thought wrong; but at least it's a guest blogger! The second is that it means that the underlings who report to people like Tim Geithner and Ben Bernanke aren't exactly enthusiastic about the weak-sauce regulatory proposals that have come from on high. We're going to need a lot more of this is real banking reform stands any chance against Wall Street's army of lobbyists.