Letter to the editor: Reform needed now in U.S. financial services industryCongress has more work to do. As critical as reforming our health insurance system is to stabilizing the nation’s long-term economic outlook, it is just as vital that Congress reform and strengthen the rules by which our nation’s financial services industry operates.
By: Bruce Hagen, The Jamestown Sun
Congress has more work to do. As critical as reforming our health insurance system is to stabilizing the nation’s long-term economic outlook, it is just as vital that Congress reform and strengthen the rules by which our nation’s financial services industry operates.
Since the economic free fall of 2008, our relative silence should not be confused with acceptance. The big banks were operating in loopholes the size of Winnebagos and turned Wall Street into a Vegas casino. Credit default swaps and subprime mortgages were nothing more than roulette chips for America’s largest financial houses, who played fast and loose with our money. Then they went bust.
As distasteful as congressional efforts to stabilize the economy by throwing these companies a life line were, it staved off total catastrophe. But stabilization without rehabilitation will yield nothing. Without the necessary strengthening of financial regulations we aren’t punishing Wall Street, we’re giving them every reason to find new and creative ways to mess with our savings and our retirement.
The free market is a pillar of our democracy. But for our capitalistic system to work, transparency and appropriate regulation must be present and enforced. Call your lawmakers and tell them we demand financial regulation overhaul that puts Main Street ahead of Wall Street once again.
And we should demand strong support for Sen. Kent Conrad, D-N.D., and the president’s commission to control the national debt. This is another painful, though critical step to maintaining America’s long-standing and rightful place as a world leader.