Former New York Governor Eliot Spitzer was on MSNBC's "Morning Meeting" today and expressed his fear that we're "sowing the seeds of a future crisis" by allowing the sense of urgency of passing meaningful reforms of Wall Street to fade, letting us return to "doing business the way it had been done":
We have moved away emotionally from a sense of crisis. Ben Bernanke says we are out of the recession. The economy will be growing. Suddenly we are back to the status quo ante. We're back to doing business the way it had been done and the sense of urgency has gone. The old institutions have gotten bigger. Those that survived have gotten our taxpayer backstop. They are now enveloping Congress in this argument, 'hey, things aren't so bad. Let us continue to do the job as we were doing it.' And a couple of us are saying, wait a minute, we haven't confronted "too big to fail." We are sowing the seeds of a future crisis. But there is no longer a sense of urgency. The President's speech on Wall Street a couple days ago just disappeared into the ether as though it didn't happen. The audience was quiet; the public didn't respond. It's gone.