Elizabeth Warren on Libor

Definitely worth a read:

But the heart of accountability lies deeper. It rests on acknowledging that we cannot trust Wall Street to regulate itself — not in New York, London or anywhere else. The club is corrupt. When Mitt Romney says he will move to repeal all of the new financial regulations, he supports a corrupt system. When members of Congress grill regulators for being too tough on Wall Street and slash the budgets of the regulators charged with overseeing Wall Street, they prop up a corrupt system.

Financial services are critical to the economy. That’s why everyone — every family and every business — has a stake in an honest system. The fantasy that reducing oversight of the biggest banks will make us safer is just that — a dangerous fantasy. The Libor fraud exposes rot at the core. Now, who will stand up to fix it?

Listened to a really good Diane Rehm show the other day on this topic.  I came away with the conclusion that until some of these corrupt, greedy bankers and financial wheeler-dealers start going to jail, nothing’s really going to change.  Those acting this way know there’s very little consequence for their horrible (and very illegal) behavior.  Until that changes, forget about anything getting better.

 

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About Steve Greene
Professor of Political Science at NC State http://faculty.chass.ncsu.edu/shgreene

5 Responses to Elizabeth Warren on Libor

  1. Mike in Chapel Hill says:

    I love it. Why don’t Democrats on every Sunday talk show reiterate this? You know, do what the Republicans do, stay on message for an entire day (or longer) on every available media outlet.

    • Steve Greene says:

      Sadly, I expect because they feel too dependent upon campaign cash from Wall Street. Of course, you’d think the honest people on Wall Street would be happy enough to have the crooks run off. Then again, maybe everybody on Wall Street is crooked.

    • I think democrats are afraid that they will sound anti-business.

      • Mike in Chapel Hill says:

        If the Democrats were competent they would frame it so that Republicans are forced to stake out a pro-corruption stance. But Democrats are generally utterly incompetent when it comes to defending their positions.

      • Steve Greene says:

        Well, I’d suggest Democrats are getting more competent on political strategery (i.e., Mitt’s taxes, Bain, the fiscal cliff), but they still have a way to go with issue framing, in general.

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