George F%$# ing Will??!?!?!!?

George Will is not just a partisan hack. He's the guy who prepped Ronald Reagan for the 1980s debate while knowingly using Jimmy Carter's stolen briefing books.

So, it is with some surprise that I note that he is calling for a breakup of the big banks:

With his chronically gravelly voice and relentlessly liberal agenda, Sherrod Brown seems to have stepped out of “Les Miserables,” hoarse from singing revolutionary anthems at the barricades. Today, Ohio’s senior senator has a project worthy of Victor Hugo — and of conservatives’ support. He wants to break up the biggest banks.

He would advocate this even if he thought such banks would never have a crisis sufficient to threaten the financial system. He believes they are unhealthy for the financial system even when they are healthy. This is because there is a silent subsidy — an unfair competitive advantage relative to community banks — inherent in being deemed by the government, implicitly but clearly, too big to fail.

The Senate has unanimously passed a bill offered by Brown and Sen. David Vitter, a Louisiana Republican, directing the Government Accountability Office to study whether banks with more than $500 billion in assets acquire an “economic benefit” because of their dangerous scale. Is their debt priced favorably because, being TBTF, they are considered especially creditworthy? Brown believes the 20 largest banks pay less when borrowing — 50 to 80 basis points less — than community banks must pay.

In a sense, TBTF began under Ronald Reagan with the 1984 rescue of Continental Illinois, then the seventh-largest bank. In 2011, the four biggest U.S. banks (JPMorgan Chase, Bank of America, Citigroup and Wells Fargo) had 40 percent of all federally insured deposits. Today, the 5,500 community banks have 12 percent of the banking industry’s assets. The 12 banks with $250 billion to $2.3 trillion in assets total 69 percent. The 20 largest banks’ assets total 84.5 percent of the nation’s gross domestic product.

………

By breaking up the biggest banks, conservatives will not be putting asunder what the free market has joined together. Government nurtured these behemoths by weaving an improvident safety net and by practicing crony capitalism. Dismantling them would be a blow against government that has become too big not to fail. Aux barricades!

(Emphasis original)

This is not what I expect from Will, and there is a part of me that is wondering whether this is more of a political tactic than a recognition of reality.

If the Republicans want an effective line of attack, they could do a lot worse than saying that Obama is determined to protect and defend the too big to fail banks.

It is something that would undermine any populist cred that Obama might seek to achieve, and as a bonus, it's true.

So, either Will is late to this game, or he's the the first volley in a Republican attack.

If I were a betting man, I'd call it even money.