Zephyr Teachout, a Nation editorial board member, is an associate professor of law at Fordham University and the author of the forthcoming book Break ’Em Up: Recovering Our Freedom From Big Ag, Big Tech, and Big Money.
Obama today announced his proposal for restructuring the financial sector, and although there are some excellent parts of the proposal, with real teeth on them (new standards on leverage, for example), the overall gist of the package is oversight. His accompanying explanation also focused on oversight:
Mr. Obama told reporters on Tuesday that a "lack of oversight" allowed what he called "wild risk-taking." He said it led to "very dangerous" conditions that imperiled the global economy.
He believes there need to be more guards on watch, in effect. More (and more independent) weathermen and women, more border guards. In this view, the crisis happened--bottom line--because not enough good people were watching out for risk.