US Political Financial Reform Suggestions

April 6, 2010

 

Why the Fight for Financial Reform Needs to Get Much More Personal

Excerpt

Yet, when it comes to selling financial reform, Democrats are making the same mistake all over again. The nuts and bolts of the legislation — which are even harder for the public to get its head around than they were with health care — are being given a full airing in Congress, on op-ed pages and blogs, and on TV. And these devilish details — capital requirement levels, proprietary trading restrictions, the independence of the proposed consumer financial protection agency, etc., etc. — are critical. They are critical because it was getting them wrong that promoted the devastation in people’s lives we now see around the country. But the human element is once again getting short shrift.

This is a big-time blunder. Ask the proverbial men and women on the street where they stand on the Volcker Rule, and watch their eyes glaze over. The administration needs to make it clear: we don’t need to overhaul our financial system because the Wall Street sandbox has gotten a little messy, and bank CEO bonuses have gotten too big. We need to overhaul our financial system to make sure that system isn’t rigged to destroy the lives of millions of middle class Americans who worked hard, played by the rules, and ended up holding the short end of the stick when the big banks drove our economy over the edge of the cliff… Read more by Arianna Huffington, Huffington Post

This is a great and thoroughly realistic appraisal of the US political situation — and the perpetuated Democratic mistakes — combined with sound suggestions aiming at what the administration ought to do better.

Supplementary: Global Haplifnet – vanguard topics

 haplif – Frank Kalder (HuffPost profile/comments)

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