Tuesday, March 10, 2009
This Is Not Rocket Surgery
No one wants to bite the bullet or take responsibility for the financial disaster. The business people that paid the lobbyists to push for the changes in the rules and laws that protected all of us from a financial disaster are not going to raise their hand and admit their mistakes anymore than the politicians who took their money and voted to change the laws that worked since the 1930s and 1940s. Now Bernake thinks we need a holistic system of regulation, but no where do I see him or anyone else addressing the issue of the credit rating agencies (CRAs). This is something to watch for me because I could clean up this mess in a month or two if I had President Obama’s ear. Where is Paul Volcker? I can not believe Paul Volcker does not know the formula to fixing the flow of credit. Larry Summers could handle this too, I think. There must be some strong politics behind the lack of movement. I can not for the life of me believe that these two guys, Volcker and Summers, do not know how to fix this thing. This is not rocket surgery.