Monday, July 11, 2011

Former head of FDIC sounds alarm again

((Op-ed) Sheila C. Bair - FDIC)

• Wall Street returning to bad practices
• Some in government all too ready to help
• Too much focus on short term stopping long-term gains

The U.S. is still struggling with the effects of the most serious financial crisis and economic downturn since the Great Depression.

But Wall Street seems all too ready to return to the same untenable business practices that brought it to its knees less than three years ago. And some in government who claim to be representing Main Street seem all too ready to help.

Already we have heard rationalization of the subprime mortgage debacle and denigration of those of us who have advocated long-term, structural changes in the way we regulate the financial industry. Too many industry leaders, as well as some government officials, compare the crisis to a 100-year flood. “Who, us?” they say. “We didn’t do anything wrong. Nobody saw this coming.”

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