We must find a way to take away the argument that "we cannot allow them to fail" because it would cause systemic failure and therefore we must pump more money into whoever or whatever entity "they" are talking about. That argument is exactly what incents Wall Street to DO IT ALL OVER AGAIN, which is what I predict.
There is NO incentive for GM, Chrysler, Bear Sterns, Lehman Brothers executives to any differently because they "got their's". As a nation we need to put in safeguards that would make it too painful for these companies to do this. Oversight should be through the American people who elect members of Congress that will make sure this happens or lose the next election. It is up to us, we have to get more involved and hold people accountable.
No comments:
Post a Comment