What we need is more regulation. Starting with lending qualifications. I wish
the banks here were all run by old scotsmen, like they are in canada.
The financial sector is awash with regulations. What's missing is
enforcement. Certain officials of big banks have become part of an untouchable
banking mafia. I recommend to anyone concerned about this situation see the
Frontline episode called "The Untouchables." It is government and
regulatory agencies who have not only looked the other way when crimes (yes,
crimes) are committed by elite bankers, but have actually encouraged "extra
legal" activity. No, more regulation isn't needed. What's needed
is integrity and enforcement of current laws.
I agree with George Will (imagine that).These TBTF banks, WallStreet
Investors, etc... are the Gadianton Robbers we have been warned about.Like fire.Capitalism can be use for heat, warm, cooking and energy.Left unchecked, and out of control -- it will burn your house down, and
kill your family.