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In a new paper released Wednesday, entitled “How the Great Recession Was Brought to an End,” prominent economists Alan Blinder and Mark Zandi say...
President Barack Obama is scheduled to unveil his agenda for revamping financial regulation later this week. As the economy struggles though a recession created by the banking industry, it's crucial that Obama and his advisers craft a set of rules ensuring that the financial sector strengthens our economy instead of destroying it.
With workers all over the globe trudging through a catastrophic recession, it's almost a given that governments will be battling the economic slide for a long time. Part of the effort to rebuild must involve new rules and regulations, but meaningful systems for economic accountability will be just as essential. If we do not hold the reckless executives who caused this crisis accountable for their actions, we risk regressing into similar turmoil in the near future.
Some of the largest U.S. banks may be on the ropes these days, but the disparity between the plight of financial executives and ordinary Americans has never been starker. Over the past two decades, the banking system has grown accustomed to scoring massive profits by preying on its own customers, making 2009's transition to pilfering taxpayer wallets an easy one. After burying the economy under a mountain of unaffordable debt, bank CEOs are now finding ways to subsidize their own paychecks with taxpayer bailout funds.
Talk of government pillaging and vague threats of a ballot box revolution at yesterday's nationwide "Tea Party" protests missed a prime opportunity to advance a cause we can all get behind — ending abusive bank overdraft charges by the very institutions taxpayers bailed-out courtesy of the Bush Administration's 2008 Troubled Assets Relief Program. Our Washington Independent colleague Mike Lillis has the skinny on just where the pitchforks and torches should be aimed.