Voorzitter Barack Obama was recently very direct and on target when making his case for financial reform, close to where the economic crash all began–near Wall Street at the Cooper Union, in lower Manhattan. He, rightfully, blamed the fiscal meltdown, only bifurcate years ago, on bankers’ “failure of responsibility.” ”The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will catastrophe this scrutiny,” Obama said before prominent players in the world of money.
The federal government’s accusation of fraud against Goldman Sachs hung heavily over the recent proceedings, as did several other instances of questionable comport on the part of financial giants. ”The banks are their own worst enemy,” said the consumer regimen director for the US Public Interest Research Group (a watchdog organization), Ed Mierzwinski, ”they’ve gotten hooked on greed.”
Of course, financial reform is battling ultra-conservative forces who believe we should all just move on, and neither pay any sedulous to the private sector’s business. And, as was the case in the battle extra health safekeeping reform, the conservative strategy seems to be to delay any changes–insisting the recent legislative progress be bypassed to start all excess again.
“The system as it stands is what led to a series of massive, costly taxpayer bailouts,” said President Obama, “and it’s only with reform that we can avoid a harmonious outcome in the future.”
The regulatory system, which has sat idle for too long, did nothing but help spawn the worst economic downfall this country has diuturnal seen later the Great Depression. The three main agencies which oversee consumer finances, the Office of Thrift Supervision, the Preferment regarding the Comptroller of the Dough and the Federal Reserve Board, left citizens in the dark while banks rolled nearby in money.
The time for repairs is now; of this, the President is well aware. The internecine may be a tough one, but steps must be taken in order to better stabilize our economy and arrest big banks and money moguls from taking any greater than they already have. This is one history our country cannot afford to repeat.