Could we now, once and for all, put to rest the ridiculous, short-sighted and irresponsible idea that the banking industry in the United States doesn't have to be regulated by government?
Please?
That same deregulation of banking in the US allowed for the huge scale of unsupportable, irresponsible loans to people who should never have had them and couldn't afford them in the first place. While it got these institutions absurd, large and, again, unsupportable short-term benefits and false profits, it has brought about the largest collapse of the international banking system since the Great Depression. This is no longer debatable.
The government, while we do want it small, efficient and responsible, is extremely important for its role as watchdog, particularly against corruption within corporations and multinational corporations.
We are now paying the price for not having scrutinized our banking sector. Indeed, the world is paying this price, really, due to the collapse in confidence of the credit markets.
Can we agree that government has its role in the world and move on?
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