THE BLOG

Sand Bags, Oil Spills and Wall Street

06/10/2010 02:55 pm ET | Updated May 25, 2011
  • Denise Bowyer Vice President, and Secretary of the Labor Advisory Board at American Income and National Income Life Insurance Companies

The recent oil spill and the past financial collapse both show why protective barriers are important.

Sand bags in hand, thousands of National Guard have been activated to buttress our coast line against the dark plume caused by Big Oil BP.

Sand bags in hand, a small group of House and Senate Conferees reconciling House and Senate versions of Wall Street Reform are charged with buttressing the American consumer and taxpayer against another dark financial plume caused by Big Banks and Wall Street.

Sand bags in hand, the American taxpayer via our government -- remember the $700 billion plus bailout -- are forced to respond to preventable disasters caused by big corporations who have been reckless in producing a product that simply failed.

Fortifying America through prevention is a far more rational and less costly approach than throwing hundreds of billions of dollars to profit making companies.

In the next few weeks we will see the well paid financial lobbyist hurl handfuls of sand to slow down the gears of financial reform. They will do the bidding for the Big Banks and The Wall Street giants who abdicate their liabilities onto the back of the American taxpayers.

The Big Banks and Wall Street, just like BP, will shirk away from their responsibilities to offer safe and sound products and beg for limited liability. The cost has already been borne by a battered citizenry.

Our salvo must be sand bags filled with accountability, transparency, consumer protections, foreclosure prevention, resolution authority, investor protection and systemic risk regulation.

Over the next few weeks, the conferees will do the heavy loading and lifting on financial reform.

Let's lighten their load.

Let's take each and every fat cat banker, well paid lobbyist, and moneyed obstructionist and ship them to the coast to back up our National Guard.

Let's finally give them a chance to throw sand where it will do some real good.