Financial Reform: Outraged Yet?

Arianna Huffington has summed it up nicely yet again, this time on the topic of financial reform -- or rather the lack thereof -- in Washington. If you are not outraged, you are not paying attention. And everything you have is at risk.

"Everybody understands," Geithner said on This Week, "that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse." The problem is, it already has. If we're really going to protect taxpayers and create a more stable system, the most important reform is to ensure that there are no financial institutions any more that are too big to fail. That we can never again be held hostage by institutions that have the power to tell us: "If you don't give us the money, we're going to blow up the whole system." Actually, what we have now is worse than a hostage system because in a classic hostage setup, after you pay the ransom you get the hostage back. We've paid more than a king's ransom, but have not taken the hostage -- our financial system -- back from the banks.

Read the whole op-ed here.

7 August 2009