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We have Wall Street reform … May 20, 2010

Posted by WillardWhyte in Greed, Justice, Obama, Politics, Wall Street.
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… on a 59-39 vote a little while ago, with four Republicans on the Aye side and 2 Democrats on the Nay side. And the GOP is fully correct that the bill fails to tackle Fannie Mae and Freddie Mac and that remains a task for Congress to take on. But we have reform, imperfect as it surely will be out of the chute. Now we must keep it — and that will be a very tall task.

This creates a new set of rules of the road, and some may need adjustment as the inevitable unintended consequences reveal themselves and demand redress, or the intended consequences prove too harsh — or restrictive. And that will require vigilance we did not see in the cops on the beat, most of which we left ┬áin place to do jobs expanded beyond their shape when things went off the rails without an alarm 18 months ago. Congress and the financial press cannot fail in their essential watchdog functions either.

And all must also keep a keen eye on the larger scene, for money will flow as it will, and greed will drive the Masters to the edge of these new rules also, peering over, around and under for and edge, a crack, a flaw. New threats will emerge to markets that simply must be fair and police to remain open and healthy.

But this is a huge step. I applaud those who refused to say it is too hard — all 98 for this debate was constructive, productive democracy as I prefer it.

Let us pray that in the end result there is wisdom.

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