Foot Dragging or Constructive Dialog?
In ways, we’re surprised that the bank reform legislation has progressed to the point it is now – only pending support from the two Democrat Senators Cantwell and Feingold. The issues they propose are important ones that need to be included in the final Senate bill, namely tighter derivative trading rules and the resurrection of the Glass-Steagall Act.
We support these provisions as essential steps toward correcting the major faults of the lax banking structure. We just hope that this delay does not foretell a slipping away from the promised overall commitment to enactment. Left to whimsical regulators, without tough laws, we fear it is too easy to slip back into the accommodative attitudes seen since 1999. It shouldn’t be necessary to remind our elected officials that the terrible financial destruction with attendant heartbreaking unemployment, mortgage foreclosures, and personal losses of the last three years are the result of the government’s laissez-faire wrong thinking.
We remind our readers that the oligarchs who have dictated our ruinous energy policies (witness the mess in the gulf) and banking standards are responsible for the shrinking stature of America and therefore control must be brought back via strong government.
We are at the eleventh-hour and now need to push the process to a logical conclusion –namely passage of tough banking reform.
RL/BN
June 8, 2010 at 12:09 pm |
For someone who is trying to get a handle on our financial mess, I appreciate your input. I see a middle ground-thinking (am I right?). You compliment Levin, yet, ask for tea. I like it. Your column should be in the papers. This morning the news was Sandra Bullock’s kiss of Johansen. Really! Take on the press after the economy, please.