I believe that reforming and re-regulating the banking system is one of the most pressing issues of our time. Whether we can get any political will to effect the changes and increased controls needed remains to be seen. So far, despite lots of strong talk, nothing has been done to remedy the enormous imbalance of power which has allowed investment banks to run amuck with the world economy and to siphon off trillions from the majority to the pockets of the very few. The Obama Administration so far has no credibility on these issues as they have continued to keep intimate counsel with the clueless crew who guided us into the weeds. 'Clueless” is the kindest assessment of the main players here. Self-serving, unethical and even fraudulent are stronger words for their behaviours.
MSNBC's Dylan Ratigan continues on the case trying to enlighten people about the negotiations now underway on Capitol Hill:
For an excellent summary of the issues and necessary changes around the banking system, be sure to read the text of James K. Galbraith's written statement to members of the Senate Judiciary Committee delivered this month. (hat tip Dazzo) See: Why the 'Experts' Failed to See How Financial Fraud Collapsed the Economy