The NYT discovers what FDL readers have known for quite some time: the SEC is a doormat outside the banks and financial institutions of Wall Street.

But it’s not just people outside the SEC who see this. The Partnership for Public Service took data from annual OPM employee surveys of government workers and discovered that in 2011, the SEC ranked at or near the bottom in the “large agency” category, dragged down by abysmal ratings for the employees’ views of the effectiveness of the leaders and the leaders’ strategic management.

Whether seen from the inside or the outside, the conclusion is the same: the SEC is failing at its mission. For the banks, this is a feature, not a bug.

We may be getting close to a settlement betweent some state AGs and the mortgage bankers on foreclosure and related mortgage practices. Late on Friday I spoke with Simon Johnson, the former chief economist of the IMF and a professor at MIT, who also writes the Baseline Scenario blog with James Kwak. Johnson has been skeptical of the foreclosure fraud settlement.

When people believe things that are obviously untrue, and obviously not in their best financial interests, it means that Oligarchy has asserted control of the market in ideas.

An introduction to the theory of oligarchy in practice today.

Ho hum. Here we are once again. The weekly report of Initial Unemployment Claims is out, jobless claims for last week are up “more than expected,” the figures from last week’s report have been revised upwards again, economists are surprised and water is wet.

What the Hell is Sen. Kent Conrad smoking? And why it is that he won’t share (c’mon, Senator, don’t bogart that doobie!)? In today’s Washington Post Sen. Conrad enables the hostage taking of the Republican Party by saying that he does not think that the two trillion in budget cuts that the Administration is talking about is enough.

Bill Moyers easily ranks as one of America’s greatest journalists. For decades, he has covered vital stories most others ignored, fearlessly defying orthodoxies and amplifying viewpoints that were excluded in most establishment venues. His coverage of the 2008 financial crisis provided the earliest look at how reckless and criminal was Wall Street’s conduct and how steadfast was the resolve of the subservient political class to shield it from accountability. His commentary on how the media suppresses dissenting views that fall outside of the bipartisan consensus — as exemplified by this recent interview with Tavis Smiley — makes him one of the most astute media critics in the nation. And his 2007 examination of the media’s role in selling the Iraq War — “Buying the War” — was the first and still-best examination of that largely ignored topic.

It appears the Democrats in Congress are tired of playing along with Obama’s view of “bipartisan.”

As many Americans suffer long-term unemployment, lose their homes, and wonder how they will pay for the groceries or the utility bill, an urge to find a scapegoat is increasingly common. And it is often Latinos and undocumented workers that are blamed for the nation’s economic ills.

Four banks were closed by the FDIC yesterday, bringing the 2010 total up to 90 — a number we didn’t reach last year until after Labor Day. The Fed, meanwhile, seems comfortable with high unemployment and apparently thinks the banks are doing just fine. But one potential financial reform proposal — the Kanjorski Amendment — still remains in play, which would take power away from the Fed and put it in the hands of a systemic risk council, which would be expected to either break up or strongly regulate institutions that pose a systemic risk.

Meanwhile, the FDIC is hiring a new Senior Congressional Relations Manager. Sounds like he or she will have some serious business on their desk on the day he or she walks in the door.