Friday, May 21, 2010

It's not that Maria's wrong...

...because I agree that a better Senate might have passed a stronger bill, and I wish her luck with improvements in conference, but still, "the most sweeping regulatory overhaul since the aftermath of the Great Depression" is something better than awful and more than a great many observers thought possible. Encouraging, if not fully satisfying.

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Blogger Howard Martin said...

Maria's objection bears repeating:

"While this bill takes much needed steps to help prevent a crisis of this magnitude from ever happening again, it fails to close the very same loopholes in derivatives trading that led to the biggest economic implosion since the Great Depression," Senator Cantwell said. "Throughout this debate I have fought hard against efforts to weaken this legislation as well as to pass language to strengthen it further. But the fact of the matter is, without key reforms in derivatives trading, this bill does not safeguard America's economy from a repeat of this crisis.

It sets up a process for responding the next time we have a financial crisis, but it doesn't prevent this kind of thing from ever happening again.

7:03 AM  

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