Former New York Governor Eliot Spitzer gave an interview to CBS' "The Early Show" this morning to mark the one-year anniversary of the collapse of Lehman Brothers and the start of the financial crisis.
Asked if we had done enough to right the faltering economy and stabilize the banking system, Spitzer said that the authorities had rightly propped up the financial system with a huge infusion of money, but that that was the "easy part":
The hard part is reforming the system and creating jobs. And in each of those critical areas we are not doing well. We have not reformed the system. We still have a system based upon institutions that are too big to fail. Institutions that have received billions, indeed one could argue trillions, of taxpayer dollars are not investing that money back into the system to create jobs for the future. We have a regulatory system that is utterly in disarray. The regulatory agencies that let us down the first time, the SEC, the Fed, the New York Fed... they're squabbling among themselves over power, and yet these are the same institutions, often with the same people in charge, who failed us before. Why? Not because they lacked power; they lacked the willpower, they lacked the intellectual rigor to do what needed to be done. And we have an economy that is bleeding jobs. We have a long way to go.