This article touches all the right buttons: industry greed, regulatory failure, Congressional failure, governance failure, and an ignorant and compromised media. In sum, the fox was in charge of the chickens and everyone was happy about it. Where is the outrage? Where is the wisdom? Where is the political leadership to correct things, not in a "bipartisan" way but in a "non-partisan" way?
What is needed on this and on many other issues, is to remove the assessment of what went wrong and the prescriptions for reforming the system from the political process and place it in the hands of a non-partisan commission of respected academics and other experts having no conflicts of interest, and no political or ideological axes to grind. It is a job for technocrats, not politicians.
Bipartisan lowest common denominator compromises are definitely not what is needed here. This is a clear case where the politicians, the financial industry, and the American public have to be plainly told what is required to fix the system. Let the politicians then try to explain to the American public why they wont agree to what is evidently required. Let them try to explain away their campaign contributions from the financial industry and their consorting with the vested interests' lobbyists. Perhaps the media would then come to do its job to keep the public informed and to expose ignorant and compromised politicians.
The entire financial and governance system is totally corrupted by money and the power of corporate vested interests.
Ottawa, Ontario, Canada
Jan 17 2010 - 5:00am