The Fed holds all the cards when it sets pol­i­cy. Nobody both­ered telling that to a fed­er­al judge, who last week struck down a Fed reg­u­la­tion on deb­it card swipe fees.

When it comes to bailouts, mon­e­tary pol­i­cy, and bank­ing reg­u­la­tion, the Fed­er­al Reserve has the last word. No one – not the Pres­i­dent, not Con­gress, not any­one – stops the Fed from doing what it has deter­mined to do. Until last week. Con­tin­ue read­ing →