The financial crisis hit in the summer of 2007. By the fall of 2008, Wall Street had nearly destroyed itself. Obama put forth a reform proposal in June of 2009. It is now the spring of 2010. The time for action is long overdue.
The so-called "resolution" mechanism the Democrats are pushing to wind down any big bank that gets into trouble is a step in the right direction. But it won't work if two or more giant banks are simultaneously endangered.
Last week, in the middle of former Federal Reserve Chairman Alan Greenspan's testimony in front of the Financial Crisis Inquiry Commission (FCIC), the lights went out. But electrical snafus are just the beginning of the FCIC's problems.
The financial reform bill is virtually designed to institutionalize "too big to fail." And when it's reconciled we'll lose another battle in the ongoing war between global financial markets and democratic nation-states.
We'd like to congratulate you on almost having the right stuff. But the fact is we enjoy rubbing salt in wounds, and when it comes to creating havoc and misery, we just want you to know that we are better at it than you are.
Senator Judd Gregg thins that the way to create jobs is to get those lazy workers off the dole so that they can help lower wages across the economy. Interesting theory, but it doesn't apply to this planet.
Come on, Mr. Krugman, we know you're not ready to make peace with our pampered and grossly overpaid financial elites. Americans are looking for a way out of our billionaire bailout society. Lead the way!
The time may come when the American people demand a modicum of financial justice and economic sanity. This would require something far beyond the current financial reform, which is basically a gift to Wall Street and hedge funds.
Fox News relentlessly sounds the "socialist" chorus, rallying some Americans with posters featuring hammer-and-sickle drawings next to our elected leader. But for the rest of the world, this all seems pretty silly:
When recovery does come lawmakers must avoid the temptation to slip back into the old ways of doing business. They must focus on building an operation that can be sustained in any economic environment.