"History is a wonderful thing, if only it was true"

Monday, June 29, 2009

Concerns over lack of change on WallSt

The authors wrote back on June 7th about the lack of change in the rules of the game (hint, it's rigged).

My answer to their series of questions is that Wall St. has hijacked both major parties. The Democrats just as much as the Republicans, if not even more.

Serious reform may just be too hard to pull off.

Op-Ed Contributors - The Economy Is Still at the Brink - NYTimes.com:

"The storm is not over, not by a long shot. Huge structural flaws remain in the architecture of our financial system, and many of the fixes that the Obama administration has proposed will do little to address them and may make them worse. At another fund-raising event, for Senator Harry Reid, President Obama said: “We didn’t ask for the challenges that we face. But we are determined to answer the call to meet those challenges, to cast aside the old arguments and overcome the stubborn divisions and move forward as one people and one nation .... It will take time but I promise you, I promise you, I’ll always tell you the truth about the challenges we face.”

Keeping that statement in mind — as well as an abiding faith in the importance of properly functioning capital markets — we have come up with a set of questions meant to challenge a popular president, with vast majorities in Congress, to find the flaws in the system, to figure out what’s being done to fix them and to get to the truth about the difficulties we face as we set out to restore the proper functioning of our markets and our standing in the world."

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