Crisis may create opportunity, but Congress completely flubbed its opportunity to enact meaningful financial reform in the aftermath of the worst crisis since the Great Depression, says the former chairman of the FDIC, Bill Isaac.
The Dodd-Frank reform bill--the one major piece of legislation to emerge since the financial crisis--is mostly meaningless, says Isaac, who is also the chairman of regional bank Fifth Third. Dodd-Frank does nothing to address the root causes of the financial crisis, Isaac says, and it won't prevent the next one.
Specifically, Dodd-Frank will just create more bureaucracy and red tape. Meanwhile, our biggest banks are still "Too Big To Fail." Our commercial banks are still allowed to take way too much risk. Our regulators are still balkanized and political. And we still haven't addressed Fannie Mae and Freddie Mac.
Isaac suggests the solution may be to re-implement the Glass-Steagall Act which separated commercial and investment banking. But, at this stage of the game, that's not likely, considering the size and scope of the bank lobby in Washington.
In other words, it's fair to say that Wall Street won the financial crisis.
And it's no mystery who lost.
If anyone remembers didn't the repbs INSIST thatall the "strong " reforms be taken out of the reform bill or they wouldn't pass it?
We the people of this country need to take power away
from those running this country.....someone needs to rally
us to save ourselves from those too willing to watch us die.
of course. these corporate welfare queens can't be creative enough to generate creative revenue-generating leadership so they bribe our elected "leaders" into stealing our tax dollars.
these folks are worse than the terrorists that cashed in their american stocks before 9-11.
Why are the American citizens so stupid that they are not willing to get up off their couch and riot in the streets until the banking system is Nationalized, the Glass Steagall Act of 1933 is re-installed, and the lobbying industry is banded from contacting ANY politicians? Instead I see them sitting in front of their TV watching football or baseball or "Survivor" instead. Are they brain-dead pigs waiting to be slaughtered ?
The entire shape of finances, income, taxes and geopolitical boundaries are being reformed. This society has definitely moved from one that has "claimed" to assist the masses of people. The 5% on wealth continues to run the whole country. Regardless to whatever ramification. No concern for humans or anything on earth! Only money is their God, concern and goal. Matters not, what political party and race is becoming a lesser concern. Only to go from trillion's to quadrillions, the only thing on their minds!
China's economic "resurgence"? When was it the dominant economy? In the 9th century? Think the word is "emergence".
What about no more foreign aid to anyone for the next five years unless it is something like assisting Japan. No me lobbyists..how can democracy and this payola co exist. No more republicans or democrats who vote the party way and not way of the people. Have our military stay out of other countries.
oil going to $500.00LATE NEXT YEAR. Banks are all frauds, not loaning but getting free money to buy treasuries with. Wish i was allowed to do that. Mid east crisis predetermined and will end in all out war. It is all but over folks and we only have the politicians and lawyers to thank for it. We shipped our manufacturing off shore not because of cheap labor but to shove our hazardous materials to other countries. Like we don't all live on the same earth?
What's broken here is that most politicians are millionaires themselves. Some are even celebrities. They are indifferent to average American needs because they don't experience them.
Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes for NASDAQ, NYSE and Amex. See also delay times for other exchanges. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. Fundamental company data provided by Capital IQ. Financials data provided by Edgar Online. Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data, daily updates, fund summary, fund performance, dividend data and Morningstar Index data provided by Morningstar, Inc. Analyst estimates data provided by Thomson Financial Network. All data provided by Thomson Financial Network is based solely upon research information provided by third party analysts. Yahoo! has not reviewed, and in no way endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.