Larry Summers backs financial reforms
I don't know how serious he is, but this was something that he said which makes a lot of sense and goes against the grain of what we've seen from Summers.
Summers, director of the White House National Economic Council, reiterated President Barack Obama's call for stronger financial regulation, including giving regulators the power to properly address the failures of large institutions and protect their customers.
He asked leaders of business and public policy at the Citizens Budget Commission's fundraiser in New York to accept the role of government in preparing for and responding to crisis. Business should support, rather than thwart the government in its efforts, he said.
"A strong government (that) responds to market failures, provides social protection regulates potential abuses and supports economic conditions is undeniably in the long-run interest of business," he said.
While Summers said he understood business antipathy, "history teaches us that active government is a necessary force," he added.
His pleas came as negotiations over financial reform dragged on in Washington, with strong disagreements on creation of a new government watchdog for financial consumers. Senate Banking Committee Christopher Dodd has been trying to bridge a gap with Republicans, who oppose an independent consumer protection agency, and discussed with Republican Senator Bob Corker the possibility of making the agency a division of the Federal Reserve.
The fat cats of Wall Street will fight this to the bitter end no matter how many times our economy collapses because of their shennanigans.
And we need more of Elizabeth Warren please:
While members of the Senate Banking Committee debate proposals to fix the nation's broken financial system and ineffective approach to protecting consumers, Elizabeth Warren has one message: Pass a strong bill or nothing at all. "My first choice is a strong consumer agency," the Harvard Law professor and federal bailout watchdog said in an interview with the Huffington Post. "My second choice is no agency at all and plenty of blood and teeth left on the floor"
Better reach for your wallet! There has to be something wrong with the bill if this corporate whore supports it.
Kidding.
I listen to Elizabeth Warren's every word. She is smart and doesn't mince words. She's a treasure.
Say what you mean. Mean what you say. But don't say it mean.
summers geithner and bernanke are 'status quo' corporofascists and that's who O-Hoover listens to.
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common sense matters as much as truth
How else do you insert immunity and amnesty clauses for previous crimes?
Biden says unemployment is not going away anytime soon, here
statusquObama, change you can only pretend in
Three little birds told me everything's gonna be alright.
I think my source is better.
Where's the coverages of the protest going on over tuition increases!!! This is important and not a word. The MSM is ignoring it as usual but you can't. If this was a teabag convention the MSM would be all over it. This is all out class warfare. Only the rich are allowed to go to college now. SPEAK UP!!!!!!!!! Please.
is intended to be a factual statement
March 4 LIVE BLOG: Student Day Of Action
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
Yes. Where is the MSM? This is serious stuff. But it's nonviolent so they ignore it. If it was a bunch of rich white teabggers carrying guns and holding racist signs screaming about some phony loss of freedoms and imaginary tax increases the MSM is all over it. But since it's an direct attack on the middle class everyone is hush.
is intended to be a factual statement
sound like you support it then dissappear when the legislation starts rolling.
I hope Dean gets rolling on a third party soon.
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common sense matters as much as truth
He [Barack] has known all along what to do, it was just a question of when and he is going to make Summers, Gietner and Rubin do it and if they don't he is going to get people that will.
Can I get some of what ur smoking!?
Cue the Kabuki....
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while it would certainly be worthwhile to regulate the financial industry to limit the damage it does, regulation will not change the essential nature of an unjust system.
do i hear a call to re-instate glass-steagall in its full force? no.
do i hear a call to start enforcing anti-trust laws? no.
do i hear a hear a bunch of mealy mouthed sophistry?
yes, my brothers and sisters; i do hear a bunch of mealy mouthed sophistry!! can i get an amen?!!
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of every thing a person has done in the past be VERY wary!!!
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