Unhorsed

We can almost hear the Indianapolis Colts’ President Bill Polian shouting “An ankle, an ankle, my kingdom for an ankle!” His remarkable right defensive end, Dwight Freeney, like Richard III, has been unhorsed. A torn ligament in the crucial joint just before the battle with the New Orleans Saints in Miami has apparently pushed the spread down a point to minus 5 in favor of the horseshoes.

The news must have made the saintly quarterback Drew Brees draw a breath of hope that his blind side might be less vulnerable with Freeney possibly out of action.

Our national economy had a blind side, too. Wall Street, oblivious to its own hubris, pummeled pedestrian quarterbacks with pass rushing techniques that defied chip blocks. Exotic mortgage securities and credit default swaps eventually swamped the credit markets and the pass rushers themselves. No flags were thrown.

After dusting themselves off with the help of taxpayers, the game resumed, the pass rushers doing God’s work in directing capital to its most efficient use, which meant outsized bonuses for the saints of capitalism while unemployment stayed at 10%. “Kezar Stadium, Roman Gabriel back to pass…but no! from out of nowhere, it’s Paul Volcker to intercept!”

The lion-hearted Volcker, the first and last Fed chairman to use money supply as a target and let interest rates roam where they may, has become the left tackle protecting our blind side, essentially urging a return to Glass-Steagall, the 1930s legislation that separated commercial banking from investment banking to prevent conflicts of interest. Of course, the Goldman Sachses and Morgan Stanleys, now officially bank holding companies but retaining proprietary trading desks, do not wish to be fettered.

“Yeah. That’s it. More. That’s right! I want more!” Edward G. Robinson confessed in a bathtub to Humphrey Bogart. (Name that movie, sports fans).

But in fairness, bashing Wall Street is tantamount to bashing New York. Let’s face it; the pinstriped bankers buy lots of goods and services with those checks. Folks in Detroit similarly would love to see GM, Ford and Chrysler flourish.

But there have to be rules. It reminds us of Phil Mickelson’s use of grandfathered Ping wedges with square grooves. The United States Golf Association has banned such wedges, but a successful lawsuit allowed the Ping clubs to be used. Smoke ‘em if you got ‘em was the outcome. Those without an old wedge in the garage are at a disadvantage. Those who use them may not be technically cheating, but they are akin to Judge Smails invoking winter rules on a sunny summer day. How about a Fresca?

There may not be a God, as Bishop Pickering said after being struck by lightning just as he was about to break the course record at Bushwood, but down here we need someone – the Fed, the SEC , whomever – to keep the sky from falling on the weekend duffer and the blind side safe for the Central Park quarterback. Manning, Brees, Mickelson and Wall Street can take care of themselves. They get paid plenty for it.