Elizabeth Warren Throws Down Gauntlet, Calls for Genuine Financial Reform


Naked Capitalism has the article Elizabeth Warren Throws Down Gauntlet, Calls for Genuine Financial Reform.

At the Levy Conference, Elizabeth Warren launched a new campaign for tough-minded, effective financial regulation. This ought to be a straightforward call for restoring banking to its traditional role of facilitating real economy activity. Instead, in this era of “cream for the banks, crumbs for everyone else,” common-sense reforms to make banks deal fairly with customers and remove their outsized subsidies will no doubt be depicted by pampered financiers as an unfair plot to target a successful industry. But as we’ve stressed, Big Finance gets more government support than any line of business, even military contractors. They are utilities and should be regulated as such. Thus even Warren’s bold call to action falls short of the degree to which the financial service industry need to be curbed.

If you don’t watch this video, you won’t have a clue as to what is going on in the financial world that absolutely must come to a halt. You won’t have a clue as to how weak the Obama administration has been in enforcing the laws against the big banks. You also won’t have a clue as to what steps need to be taken to fix the problems. If it is ok by you to be choosing Presidential candidates while remaining in the dark about these key issues, then you aren’t living up to your civic responsibilities.

I give you permission to skip about the first 50 seconds of the video where people are just waiting for the introduction to Elizabeth Warren.

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