'Business as usual' approach simply insufficient for a future financial market
Alexander McDowell
Issue date: 11/10/09 Section: Opinion
However, the onus is not on them to stop; it is on the man who promised change to actually deliver.
I have been supportive of our president on almost all of the issues that have faced him thus far.
Heck, I didn't even mind when he won the Peace Prize.
But, he cannot let Wall Street continue to run things.
The fact that Goldman is making enormous profits, and giving out obscene bonuses in a time when unemployment is closing in on 10 percent is unacceptable.
It shows that yes, we avoided disaster by saving the banks, but it also shows that some of the banks, like Goldman Sachs, have not learned a single thing.
They used their close ties with the Federal Reserve to orchestrate an enormous bailout that saved their business and then they act like the system does not need reform to prevent it from happening again.
The administration should have capped bonuses when they had the chance and regulated the system when the banks were at their most vulnerable.
Instead, we let them off the hook.
We gave them a hand when they were down, and now their lobbyists are hard at work to prevent reform from taking place.
The lobbyists on Wall Street have deep ties to Washington, and a revolving door has remained in existence between the banking sector and the government for decades.
But I know that if enough congressmen realized that they wouldn't get re-elected unless they took steps towards passing legislation that regulates the system to prevent something like the credit crisis ever happening again, there would be change.
HR 1207, S604 are the bills dealing with this issue in Congress now.
If the financial industry continues to carry on business as usual without proper regulation, another crisis is inevitable.
Except next time, we cannot bail them out.
We literally don't have the money to. Another crisis like the one in 2008 would demonstrate this.
The United States would not be able to recover.
I have been supportive of our president on almost all of the issues that have faced him thus far.
Heck, I didn't even mind when he won the Peace Prize.
But, he cannot let Wall Street continue to run things.
The fact that Goldman is making enormous profits, and giving out obscene bonuses in a time when unemployment is closing in on 10 percent is unacceptable.
It shows that yes, we avoided disaster by saving the banks, but it also shows that some of the banks, like Goldman Sachs, have not learned a single thing.
They used their close ties with the Federal Reserve to orchestrate an enormous bailout that saved their business and then they act like the system does not need reform to prevent it from happening again.
The administration should have capped bonuses when they had the chance and regulated the system when the banks were at their most vulnerable.
Instead, we let them off the hook.
We gave them a hand when they were down, and now their lobbyists are hard at work to prevent reform from taking place.
The lobbyists on Wall Street have deep ties to Washington, and a revolving door has remained in existence between the banking sector and the government for decades.
But I know that if enough congressmen realized that they wouldn't get re-elected unless they took steps towards passing legislation that regulates the system to prevent something like the credit crisis ever happening again, there would be change.
HR 1207, S604 are the bills dealing with this issue in Congress now.
If the financial industry continues to carry on business as usual without proper regulation, another crisis is inevitable.
Except next time, we cannot bail them out.
We literally don't have the money to. Another crisis like the one in 2008 would demonstrate this.
The United States would not be able to recover.
Viewing Comments 1 - 1 of 1
CV writing
posted 1/02/10 @ 6:08 AM EST
I agree that the problem is that Goldman benefited from more than just the $10 billion given to them directly.
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