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"A Govt. Not Run by the Financial Sector": James Galbraith's Rx for Wall Street Reform
Posted Nov 20, 2009 07:30am EST by Aaron Task in Newsmakers, Banking Related: XLF, FAS, FAZ, GS, MS, JPM, C
The post-op on the great crash of 2008 continued in Washington Thursday as the Joint Economic Committee (JEC) held a hearing on financial reform."Unfortunately, the regulatory regime that failed so terribly leading up to the financial crisis is precisely the regulatory regime we have today," Treasury Secretary Geithner declared. "We need comprehensive financial reform."
As a former executive director of the JEC and professor of government/business relations at University of Texas, James Galbraith knows a bit about public policy. As the son of esteemed economist and "The Great Crash" author John Kenneth Galbraith, he also knows something about what it takes to put the pieces back together after a speculative boom and bust.
There is a way to have a financial system with a "reasonable degree of stability" and "serves a public purpose," Galbraith says. "But it does require having a government which is not run by the financial sector."
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