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Weekly Audit: Brown-Nosing Wall Street Reform

Posted Jun 29, 2010 @ 8:01 am by
Filed under: Economy     Bookmark and Share

by Zach Carter, Media Consortium blogger

Image courtesy of Flickr user Mark Sardella, via Creative Commons LicenseMore than two years after the collapse of Bear Stearns, the House and Senate finally ironed out their differences on Wall Street reform in the wee, small hours of Friday morning. The bill now goes back to both the House and Senate for final approval, but it’s fate in the Senate is uncertain following the defection of Tea Party Sen. Scott Brown (R-MA).

The resulting bill has several things going for it, but largely misses the critical structural lessons of the Great Financial Crash of 2008. As Wall Street continues to score epic profits and grotesque bonuses over the coming months, progressives must be committed to continuing the fight for a fair economy. (more…)