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U.S. Treasury Minister Geithner is scheduled to meet with a U.S. House of Representatives committee on March 26. But if you think this means reforms are coming, think again.
This sentence pretty much sums up the pending reforms to our banking system: "Banks and financiers are already pushing back against some proposed changes, marshaling impressive armies of lobbyists and calling on deeply entrenched political allies for help."
Meaning, all we can look forward to a well rehearsed play among the Treasury, Federal Reserve and Congress, with little, if any, substantive changes made.
Banks will lie low for a while until the next crisis. If we look back too long term capital in 1998, we'll have about another 10 years before the next calamity.
Unless Congress has the courage to pass a law to force banks to place all their transactions "on the books," banks will go on merrily, merrily
Do you believe that we will get substantive banking reform?
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Reader Comments (Page 1 of 1)
3-17-2009 @ 10:34AM
Iridium said...
We will get meaningful reforms when Lord Zenu shows up and we find out that Scientology is right.
As in never on your life, ever in a million years, ever.
The only way we are going to get reform is to throw the entire goverment on the street.
3-17-2009 @ 12:14PM
BHarrison said...
Well, it has all been pretty much "smoke and mirrors" to date, hasn't it? Where has there been any "FULL DISCLOSURES" and/or "TRANPARENCIES" in 1) what caused the economic collapse, 2) In the use of the 'bail out" and TARP monies, 3) in who is benefitting from the balil out and TARP monies SPECIFICALLY?
Congressmen keepmaking "bold political statements" that wind up amounting to NOTHING ACHIEVED or REVEALLED.
The American people had best start strongly pressuring their Congressmen or all of this is going to be swept under the carpet like facts behind the Savings and Loan scandals of the 1970s -80s, or the Enron and other scandals.
There MUST BE DISCLOSURE and PERSONAL ACCOUNTABILITY in all of these matters or nothing will be accomplished.
As Deep Throat kept saying in the WaterGate scandal: "Follow the money . . . follow the money to find out the truths."