Financial Regulatory Reform Forum
Topic of Debate
The Congressional hearings of the past few years have proven telling, unearthing an acute awareness of wrongdoing within the financial sector. Former employees, mostly the whistleblowers who lost their jobs for the sake of ethics and high moral values, have finally been heard. The government too has acknowledged its lack of oversight, and pledged to change supervisory rules to better protect Main Street. Still, as financial regulatory reform nears its final stages toward law, President Obama has had to reopen a forum to argue the case against the push of financial sector lobbying. The word on Wall Street is that insiders will tell you regulation is needed, but only in whisper and in side alleyways. Consistent with recent trend, Republican legislators argue that the Democrats have the wrong kind of reform, or that they are overdoing it. On podium, Democrats argue that Republicans lie for the sake of politics and lobbyists.
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Labels: Wall Street
posted by The Greek | 8:30 AM
9 Comments:
I hope to see the day when we can all look back on this time period with disbelief that "such things" were allowed to occur...the same way we today look back on slavery.
Anne,
Slavery might seem a bit of a reach in comparison to most readers, but I can see your point. Our civilization would have come so far if it could compare the moral failures of the financial sector with the travesty that was slavery (and still is in so many pockets of the world).
Can you imagine when all sins might be considered equal, or to put it another way, when we might view our own sins equal in fault? Wrong is wrong after all, and making the "wrong" decision seems importantly similar. If we could view our own faults similar to the ones we put on page 1 of the newspaper and talk about at the water cooler, we might have come a long way in understanding.
When Wall Street can truly police itself, likewise, we will have come a long way. Unfortunately though, greed still overcomes men and selfishness still overwhelms our society.
It's the same old story Greek. Someone screws up,
the media blows up the story,
popular uprising follows,
Congress acts to serve angry constituents,
government takes it too far,
economy recovers,
everyone forgets,
future administration eases restrictions "to free up economic growth",
someone screws up.... etc.
starts all over again...
Dems cannot be left alone with economy. The regime, Pelosi, Reid, Dodd and crew will screw things up somehow.
I'm all for this bill and the additional protections to the consumer. I don't think it goes far enough, the bank lobby et al spening gazillions to make sure that there is a bit more "corporate welfare" in it for them. Big business gets socialism and the little gets capitalism!
I am happy that financial reform is finally being debated in the Senate. Though I reluctantly support the bailouts, I feel many hard working Americans have had a raw deal so far. For example, banks borrowing at 0% and lending sometimes at exhorbitant rates (ie. credit cards) to me is unfair. Senior citizens have been hurt by earning nothing on their savings. I sincerely hope that financial reform will end predatory lending, and include greater consumer protection.
Senate GOP members successfully blocked passage of a motion to begin Senate debate on financial reform legislation.
This forces back-room bipartisanship. Let's examine how the legislation is impacted over the days ahead.
Hard times require extraordinary measures. With a collapse of this magnitude of the financial market, it is apparent that things can’t remain the same. It doesn’t matter whether you are Democrat or Republican, something has to be done to prevent this from reoccurring.
I too oppose the bailouts just to find companies who received bail out money back in the news again.
Also disappointed with the news and findings at the SEC regarding employees at play while many folks more hungry for a job still remain unemployed.
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