The Fox is Guarding the Henhouse
At best, I fear a muddled effort—this after main street spent trillions to bail out those interests. At worst, we may see reforms that actually subtly favor these industries.
I was taught not to write using clichés. But I couldn’t resist. As the July 29, 2009 New York Times editorial, entitled The Financial Truth Commission cautioned: the important Financial Crisis Inquiry Commission set up by Congress to investigate last year’s near-complete meltdown of the financial system is being led by two veteran politicians who have received significant campaign contributions and have longstanding ties with – you guessed it – the “financial, insurance and real estate interests”.
Those are the interests that main street had to bail out in the first place. They will now have considerable influence on everything the Commission decides. At best, I fear a muddled effort—this after main street spent trillions to bail out those interests. At worst, we may see reforms that actually subtly favor these industries. There is definitely cause for concern and like the NYT, we will be watching.
Let’s hope that as with the Watergate Commission and the Church committee hearings of the 1970’s, this Commission can rise above politics and act professionally and diligently to create reforms that put our financial and banking system on firm ground. Only then can folks on main street thrive again.
