Wall Street reform: The hang-ups

Full story: Fortune
With President Obama pushing hard, the Senate is on the verge of taking up a hotly disputed Wall Street reform measure. Full Story

Since: Oct 09

United States

#1 Apr 23, 2010
Here's Paul Krugman:

" In the years leading up to the 2008 crisis, the financial industry accounted for a third of total domestic profits about twice its share two decades earlier.

"These profits were justified, we were told, because the industry was doing great things for the economy. It was channeling capital to productive uses; it was spreading risk; it was enhancing financial stability. None of those were true. Capital was channeled not to job-creating innovators, but into an unsustainable housing bubble; risk was concentrated, not spread; and when the housing bubble burst, the supposedly stable financial system imploded, with the worst global slump since the Great Depression as collateral damage."

He's right. We need to break up banks of this size or nationalize them. They're a threat to the country...

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Richard Shelby Discussions

Title Updated Last By Comments
Sen. Jeff Sessions drops bid for budget chairma... 14 min sandy1 2
GOP control of Congress could aid some businesses Nov '14 help kinsey ala 1
Many illegal immigrants live in public housing (Jan '09) Oct '14 Cricket 23 5,618
Lawmakers: Judge in abuse case should resign Sep '14 ima-Ilis Myka Ash... 1
5A VA employee, a crack house, and a lengthy fi... Sep '14 Americano 6
'Suspicious' envelope intended for Obama interc... (Apr '13) Jul '14 Looking down 86
Hope fades in Congress for drama-free funding o... Jul '14 Cat74 15