This is the United States of America, founded on the principle that there's both a wrong way and a "more perfect" way for government to act.
We have regulations controlling immigration, restricting tobacco and alcohol sales, establishing speed limits, and prohibiting the use of dangerous materials such as lead paint. We embrace regulations about what can’t be in our drinking water, and insuring we have the freedom to practice religion unfettered by the preferences of government agencies or the whims of men.
Not every decision is clear and simple. Our constitution was built deliberately to allow for clarifications and changes over time by wise men who had some notion of the limits on their own forecasting abilities. We've been trying to make good laws - good government regulations - and improve the bad ones ever since.
We have laws about everything from voter registration to verifying the safety & efficacy of drugs because we know we can’t simply trust everybody to do the right thing if there’s no judge or referee. Somehow the GOP has been persuaded to slow down the process of reforming Wall Street’s greedy, self-serving behaviors.
We know what happened when we let them call the shots; deregulation served a few very well indeed, while what trickled down to the rest of us was unemployment, foreclosures, and the destruction of the value of the largest asset most working Americans have, their home -- after we'd been encouraged to use it as a way to get credit to fuel corporate profits.
GOP strategists are now stalling reforms in the Senate, by asserting that we need economic analysis before "rushed rule-making." Where were they before the financial crisis in the late summer of 2008 and the resulting recession? I can tell you one thing, they weren't listening to the then-junior Senator from Illinois, who had written letters to the powers that be about what he saw as the looming mortgage lending crisis, but their hindsight may have factored that in.
Enough is enough. Wall Street needs reform if it's to create wealth for the nation instead of for itself. Congress may not get the new laws perfect on the first pass, but that's not news. If all the GOP has is questions, if they can't grasp the risks in leaving the system broken, I say let them step back; it's time to stop spouting sound bites while impeding progress and solutions.
We have regulations controlling immigration, restricting tobacco and alcohol sales, establishing speed limits, and prohibiting the use of dangerous materials such as lead paint. We embrace regulations about what can’t be in our drinking water, and insuring we have the freedom to practice religion unfettered by the preferences of government agencies or the whims of men.
Not every decision is clear and simple. Our constitution was built deliberately to allow for clarifications and changes over time by wise men who had some notion of the limits on their own forecasting abilities. We've been trying to make good laws - good government regulations - and improve the bad ones ever since.
We have laws about everything from voter registration to verifying the safety & efficacy of drugs because we know we can’t simply trust everybody to do the right thing if there’s no judge or referee. Somehow the GOP has been persuaded to slow down the process of reforming Wall Street’s greedy, self-serving behaviors.
We know what happened when we let them call the shots; deregulation served a few very well indeed, while what trickled down to the rest of us was unemployment, foreclosures, and the destruction of the value of the largest asset most working Americans have, their home -- after we'd been encouraged to use it as a way to get credit to fuel corporate profits.GOP strategists are now stalling reforms in the Senate, by asserting that we need economic analysis before "rushed rule-making." Where were they before the financial crisis in the late summer of 2008 and the resulting recession? I can tell you one thing, they weren't listening to the then-junior Senator from Illinois, who had written letters to the powers that be about what he saw as the looming mortgage lending crisis, but their hindsight may have factored that in.
Enough is enough. Wall Street needs reform if it's to create wealth for the nation instead of for itself. Congress may not get the new laws perfect on the first pass, but that's not news. If all the GOP has is questions, if they can't grasp the risks in leaving the system broken, I say let them step back; it's time to stop spouting sound bites while impeding progress and solutions.
Thomas Hayes is an entrepreneur, former Congressional Campaign Manager, strategist, journalist, and photographer who contributes regularly to a host of web sites on topics ranging from economics and politics to culture and community, who incidentally stands in solidarity with the citizens and workers in Wisconsin refusing to let their Governor's self-created budget "crisis" and new spending priorities be re-cast as a reason to undermine contractual obligations and collective bargaining agreements.
