axelrod608

Wall Street Breakfast: Must-Know News

>> "Financial reforms snag non-banks." >>

Unrestrained greed with a total lack of concern for risk got us here. Will sufficient reform in regulation to fix the problems have unseen, unanticipated consequences ? Absolutely. This is not necessarily a bad thing.

The financial industry was allowed to "grow like topsy" and turned out to be an unregulated disaster. If our leaders don't fix it, it will likely have another meltdown in the future.

What we should really be doing in public policy is to debate the issue of whether an economy 70% driven by consumer spending with half of the rest coming from finance is a desirable or sustainable economy. In my estimation is is not.

As an old gearhead I like to use car analogies. For $60,000 you can restore a 1955 Chevy to new condition. For $20,000 you can buy a new Cobalt. Which do you want to drive daily ? We need an economy that serves today's needs, not an unsustainable antique designed for an era long past

We need too-big-to-fail financials like a fish needs a bicycle. Our kids and grandkids need an economy that will serve them as well as we have been served. I'd sure like to see our "leaders" get something right for a change..