Honest Answers about the Financial Collapse

Deregulation, Disaster, and What Happens Next
Filed under Uncategorized

Okay, Wall Street, Congress did what you demanded. $700 billion so you will go back to work. Is there anything else you need right now?

Let me tell you what Americans need — and didn’t get from Congress today.

First, we need across-the-board regulation of your business. That means ending the kind of speculation that generated trillions of dollars of paper wealth (and billions of dollars in compensation for you) but never built a school or hospital. And collapsed like a house of cards.

Second, we need you to stay out of the Capitol. Your lobbying of Congress led to deregulation. Our money should be put to work in the economy, not blocking or undermining the government oversight that had better be coming (see above). And we don’t want you advising our elected officials on who gets taxpayer bailout money, especially whether you get it.

Third, we need caps on how much you can charge us for interest when we come to you to borrow our money to buy homes or cars, send our kids to school or keep our small businesses afloat. We American consumers have kept this economy afloat for the last ten years, and it won’t come back until we do.

Fourth, we have no choice but to hope this bailout works — because we’re gonna want our money back from you.

Comments (1) Posted by Harvey Rosenfield on Friday, October 3rd, 2008

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