Financial reform is meant to protect our financial system, our economy, our taxpayers and our treasury, which is why Better Markets fights for financial reform.
Financial reform, however, will regulate banks better and reduce bankers’ billion dollar bonuses, which is why the financial industry and it’s allies, front groups, trade groups, purchased academic shills, ideological fellow-travelers, politicians grubbing for campaign donations, unthinking “think” tanks, non-independent “studies,” friendly reporters and media personalities, etc., fight against financial reform.
One doesn’t have to be a financial genius to see the huge benefits of financial reform. Frankly, anyone who looks at the costs of the last crisis (tracked on this website at Costs of the Crisis), which continue to devastate so much of our country today, can see that any financial reform that prevents that from happening again is well worth it. Indeed, one has a hard time finding anyone not on the payroll of the financial industry arguing against reform. BTW, if you see or hear someone arguing against reform or promoting the anti-reform agenda and don’t see that they are on that seemingly vast and unlimited payroll, just dig a little and you almost certainly will.
Knowing that, the financial industry and its mouthpieces attack things like the Dodd-Frank Wall Street Reform and Consumer Protection Act and “bad” regulations, which are all regulations from the industry’s point of view.
That’s why a Bloomberg editorial today, entitled “Don’t Give Up on the Sensible Ideas of the Dodd Frank Act,” is such a public service. It looks at the key provisions of the Act, but within the context of the entire Act. It concludes that the Act has “an elegant core of sensible ideas” and should be considered “a fail-safe system with three levels of containment.” Importantly, it sees that the solution to a financial system that still threatens our economy and taxpayers “is to construct its containment system as quickly as possible.”
It is a must-read for anyone who really cares about unbiased facts and financial reform.
