The financial and political elite may be right in their analysis about the centrality of the finance sector, but the problem is, they have no remaining credibility on this issue.
There has been talk about appointing a new "Systemic Risk Regulator." This "Super Czar" would oversee all of the financial services industry. We had a "Super Czar" last year. His name was Henry Paulson.
If the people on Wall Street knew that no one would ever be there to bail them out, ever again, they would be less inclined to gamble with instruments they don't really understand.
We need your help. Have you been affected by the housing meltdown? Foreclosed on? Record your story, or the story of a friend, family member, co-worker, or neighbor, and send it to us.
There has been a long and irreversible trend toward small, entrepreneurial businesses, located far from money centers. Instead, Washington keeps throwing money at these "too big to fail" money losers.
Countless theories about the economic crisis were aired last week in Davos during the World Economic Forum. But many of the voices heard were the same...
The Lexington scandal helped me understand why some in the big city media were going easy on the Wall Street mess, while people like me, living in the heartland, are going crazy about their excesses.
To some, the crisis was caused by consumers. It's as if they are unhappy that we're getting our act together. It's similar to a dope dealer getting angry when a customer goes into rehab.
Ironically, while Bush and Cheney were obsessing over al-Qaida, and searching under every rock in Afghanistan for Osama bin Laden, the real danger to America was at home -- on Wall Street.
America is suffering. She is, however, afflicted with an avoidable condition she brought on herself, like a hangover. Only this one's interminable and internationally contagious.
Those of us who run our own businesses don't get bonuses if we lose money. We usually don't get bailed out or taken over. If we lose enough money, they lock us up and board up the front windows.
A big time recovery plan for Main Street focused on the investments we need is one key element of the change we need. And one that President Obama surely supports.
There is a fraternity-like mentality that exists among corporate CEOs. There is an illusory standard of what "moral" or "legitimate" actually means in decision making for that elite crowd.
For a Yale economist to play "blame the consumer" is incredible enough, but to use that argument ostensibly in support of "bridging the wealth gap" is disingenuous at the least.
Wal-Mart's PR team thought that helping "Main Street" sounded good -- even though businesses on Main Street will tell you that Wal-Mart is the Grinch who stole their Christmas.
John McCain fell in love with Joe the Plumber and proclaimed that we were all like Joe. But no one has stood up so prominently for the millions of Americans who would gladly switch places with Joe.
Let's hope more people will think about today's situation in togetherness terms, not we versus them, because that state of mind cannot solve the problems we all share today.
The Republicans have always opposed regulation of business that protects the "little people" against greed-ridden and corrupt practices of insatiable corporate elites.
The problem with this turn of phrase, besides dumbing down our discourse or sounding cliché, is that it assumes a good-versus-evil duality to the financial problem at hand.
The President and Congress have finally allowed us to allocate $700 billion to a policy, about whose success they are, at least reasonably, doubtful. They should enact new regulations.
Let's face it: the Bailout Bill doesn't get to the heart of what's wrong with our economy. Neither you, nor I, nor many of those who voted for it believe that this bill will solve the pressing issues American families face.