October 05, 2009
Quote of the Day, October 6th, 2009
On whether or not the Obama administration has the political will to bring about financial reform:
"The rhetoric is starting to come around, but the proposals are still designed to create the status quo before the crisis. It's analytically bankrupt. Nothing they're trying for would have prevented the current crisis had it been in place, and it's very unlikely that it will prevent crisis in the future...
In particular, the administration want to create the secondary market that caused trillions of dollars of losses. They still want a massively, too-large financial structure -- so large that it clearly harms the economy."
- William Black, a former federal regulator during the Savings & Loan crisis and currently, a professor of economics and law at the University of Missouri-Kansas City as quoted in Newsweek, "Financial Follies 2.0," October 6th, 2009