The intervention in PACE of two of the most maligned agencies in the country shows that the federal government is still reacting to the short-sighted interests of groups that do not function with the public good as their goal.
Congress will eventually pass financial reform legislation. But long after the nuances are better understood and loopholes closed, diligent enforcement and ethical business practices will ultimately foretell if it is successful.
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.
Armando Falcon was the chief regulator attempting to bring order to Fannie Mae and Freddie Mac in the early 2000s, and had he been listened to, a significant part of the housing crisis could have been mitigated.
The financial reform bill passed by the Senate last week is more notable for what it has left undone. There's a reason a longtime investment banker said of his colleagues' reaction to the new bill was a sigh of relief.